Perpetual has written off $547 million from the value of two asset managers that the storied firm acquired when it purchased major rival Pendal in a bungled takeover last year, citing a “greater than expected” exodus of investors.

The company, which is in the midst of selling a large part of itself to KKR, disclosed the write-down just four days before its outgoing chief executive, Rob Adams, is due to deliver a full-year financial update.