The $2.2bn wealth manager Perpetual is believed to have recently held a beauty parade to replace Macquarie Capital as its defence adviser.
It comes amid speculation the company is a takeover target.
Earlier, Macquarie took over the defence mandate from Goldman Sachs, but now the understanding is other banks are pitching to win the role.
Some believe banks that could be well placed to land the mandate are Goldman Sachs, JPMorgan, Barrenjoey Capital Partners or Jarden Australia.
There is talk in the market about parties considering a break-up play for Perpetual, where a separate party takes its corporate trustee unit, leaving another group to take funds management, although the company has declined to comment on whether it has received any other approaches.
Some believe Asian buyout fund Baring could be interested in the corporate trustee arm, given it is a major investor in the corporate service provider Vistra.
Market experts say Perpetual’s share price has not reflected its value recently.
The corporate trustee division has been the subject of buyer interest in the past, but generates strong earnings for Perpetual, which is unlikely to sell the division.
For the six months to December, Perpetual generated $29.1m in net profit, down from $51.6m in the previous corresponding period as Covid-19 took its toll by creating market volatility.
More Coverage
Add your comment to this story
Perpetual launches process to pick investment banking adviser
Perpetual is weighing a move to choose a brand new adviser to sell its wealth management unit, having parted company with three groups that have previously assisted.
Still issues at Fletcher Building: Goldman Sachs
Beaten down building materials company Fletcher Building still faces challenges, so investors should not get ahead of themselves betting on the stock, analysts at Goldman Sachs say.
To join the conversation, please log in. Don't have an account? Register
Join the conversation, you are commenting as Logout