February 2023
Perpetual boss in testy analyst exchange of deal strategy
The $200 billion asset manager says it plans to deliver on its promises made to shareholders as the long battle to prove the deal doubters wrong begins.
- Jonathan Shapiro
January 2023
A $200b wealth giant is born as Perpetual completes Pendal takeover
Pendal is expected to be de-listed from the Australian Securities Exchange on Tuesday after being acquired by rival Perpetual, creating a massive new player in financial services.
- Aleks Vickovich
Eyes on Perpetual exits after Pendal merger
The blue-chip fund manager suffered net outflows of $1.2 billion in the December quarter, but the so-called Santa rally in financial markets saved the company from ending the year with a loss.
- Updated
- Aleks Vickovich and Lucy Dean
BlackRock shuts high conviction Aussie equities team, appoints Pendal
BlackRock stockpickers Charlie Lanchester and Madeleine Beaumont will depart the asset management giant after it shut its active equities unit.
- Jonathan Shapiro
Pendal investors pull $5.3b on eve of Perpetual merger
Fund manager Pendal has reported outflows that are five times greater than market expectations just days before it formally becomes part of Perpetual.
- Jonathan Shapiro
December 2022
Magellan, Perpetual, Pendal: The year funds management ate itself
Australia’s once high-flying sector rode the superannuation wave for a decade. But in 2022, it crashed.
- Jonathan Shapiro and Jemima Whyte
November 2022
Crispin Murray: Pendal’s reluctant Christmas rockstar
For Perpetual’s dealmaking chief executive Rob Adams to have any chance of winning over Pendal, one man had to be courted more than anyone else.
- Jonathan Shapiro and Jemima Whyte
Perpetual offer for Pendal is ‘fair’: independent expert
The target’s chairman Deborah Page says a takeover “is in the best interests of shareholders”.
- Jemima Whyte and Jonathan Shapiro
- Opinion
- Chanticleer
Pendal uses carrot and stick to shore up Perpetual deal
The Pendal board has made sacrifices to get the Perpetual board to recommit to their merger. But legal steel from Pendal has also helped things along.
- James Thomson
Perpetual, Pendal tensions rise in late courtroom showdown
A dramatic week in the Perpetual and Pendal merger saga has ended in court as a stoush over the terms of the deal escalated.
- Jonathan Shapiro and Jemima Whyte
The Queenslander putting Perpetual’s board on edge
From Singapore, Queenslander Nicholas Macksey is leading private equity’s late charge to snap up Perpetual’s 136-year-old corporate trust business.
- Jemima Whyte and Jonathan Shapiro
Peter Morgan says Perpetual in play for possible break-up
The former Perpetual equities chief says others might be considering how best to carve up the funds management group.
- Updated
- Jemima Whyte and Jonathan Shapiro
Perpetual bid has to go much higher - analysts
The private equity and hedge fund consortium that has targeted Perpetual will have to up its bid and convince it to renege on what appears to be a done deal.
- Jonathan Shapiro
Phil King reaches for the funds management crown
The market animal in King and his team would have known what many others didn’t; this had the potential to be the deal of a lifetime.
- Jemima Whyte
- Opinion
- Chanticleer
Why Pendal’s stock has great upside – and downside – potential
Pendal boss Nick Good is confident a binding contract will stop Regal Funds Management from scuttling its merger with Perpetual. His investors hope he’s right.
- James Thomson
Perpetual deal ‘legally binding’, says outgoing Pendal CEO
Nick Good doesn’t seem too fazed that his suitor Perpetual is facing its own bid, after the two companies spent six months ironing out the details.
- Jonathan Shapiro
- Opinion
- Chanticleer
How Regal was convinced to join a play for Perpetual
Regal Funds Management talisman Phil King will understand the history surrounding his bid for Perpetual. But at its heart, this ideal is about opportunism.
- James Thomson
The consortium backing Regal’s Perpetual tilt
Perpetual’s new hedge fund and private equity suitors have bulked up through mergers, and are ready to pounce.
- Ayesha de Kretser and Jonathan Shapiro
- Opinion
- Mergers & acquisitions
Regal, Perpetual and the bid that had to happen
The market’s persistent discomfort with Perpetual’s buyout of Pendal paved the way for Phil King and his partners.
- Jonathan Shapiro
October 2022
Pendal deal spread blows out amid M&A anxiety
Pendal’s share price is lagging Perpetual’s tabled offer by more than 12 per cent.
- Jonathan Shapiro