The former head of Perpetual’s global equities team is urging the 139-year-old funds management giant to dump plans to sell its lucrative corporate trust business to KKR and overhaul the embattled firm instead.
Garry Laurence, who left in 2020 and founded Profeta Investments, has been increasing his stake in Perpetual and has written to the board warning that continuing with its demerger strategy would be bad for shareholders.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
