On the first trading day after Perpetual's Rob Adams announced the storied fund manager's purchase of 75 per cent of Texas-based asset manager Barrow Hanley, Perpetual's share price fell 5 per cent. That of the seller, NYSE-listed BrightSphere, climbed 9.5 per cent.
Perpetual CEO Rob Adams said the deal would diversify its client base by sector and geography, and fuel its overseas growth. Louie Douvis
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
