It’s fitting that the privately held wealth provider Betashares would announce a $300 million investment from Singapore’s Temasek just six weeks after we learnt the 138-year-old funds management and wealth icon Perpetual was being broken up via a deal with private capital giant KKR.

One of the drivers of the break-up was Perpetual’s ill-fated, debt-laden merger with rival Pendal, a deal driven by the pair’s need to weather the pressure on fees and fund flows caused by the shift to passive investing via ETFs and other vehicles.