Chanticleer
How 138-year-old Perpetual came unstuck
It is a sad day for Australian funds management. The Perpetual equities team, which stood up to Woolworths, Crown, Brambles, Ramsay and IAG will have to find a new name.
When Perpetual chairman Tony D’Aloisio, a former ASX boss and ASIC commissioner, hired funds management veteran Rob Adams to run the company in 2018, he wanted someone to turn a powerful Australian funds manager into a global player.
What D’Aloisio got was someone very good at finding acquisitions. Perpetual bought Dallas global equities shop Barrow Hanley and Boston ESG investor Trillium, growing offshore to protect against the fact its traditional Australian superannuation fund clients were more interested in global equities and establishing their own Australian investment teams.
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