The news: Fund manager Perpetual has extended its exclusivity agreement with private equity giant Bain Capital into the first quarter of the 2026 calendar year, as discussions continue over a potential sale of Perpetual’s wealth management business.
The context: Perpetual confirmed last month that it had entered into an exclusivity deed with Bain Capital over a possible deal.
It followed the failed sale of its corporate trust and wealth management divisions to private equity group KKR in February.
Perpetual said this morning that discussions with Bain Capital are “progressing well” but noted “there is no certainty of reaching a binding agreement, or that any transaction would proceed”.