Washington H. Soul Pattinson has lauded KKR’s $2.2 billion bid for Perpetual’s corporate trust and wealth businesses, deeming it a fair price for assets the market has perennially overlooked.

Soul Patts, which owns nearly 15 per cent of Perpetual, argued the intrinsic value of the trust and wealth arms was hamstrung by the investment management business, which has been a drag on Perpetual’s valuation since it paid $2 billion for Pendal.