Perpetual’s advisers sure have long memories. On Wednesday, the 137-year-old financial services giant first revealed it was considering demerger of its asset management unit from its wealth and corporate trust business in an effort to unlock up to $1 billion of value. Then it told investors Washington H Soul Pattinson had lobbed a $3 billion bid to buy the entire lot.

However, Street Talk can reveal there was plenty of action leading up to the dual announcements. Perpetual’s advisers had been trying to cajole interest in the business for weeks, including from Colonial First State, sources close to the company told this column late on Wednesday.