Perpetual chief executive Rob Adams has pledged to retain all Pendal’s investment personnel, but warned overall headcount will reduce, after officially completing the $2 billion takeover of rival Pendal.

Westpac’s storied former funds management arm – which was spun out of the bank in 2007 and re-branded from BT Investment Management to Pendal in 2018 – is expected to be de-listed from the Australian Securities Exchange on Tuesday, having ceased trading on January 12.