Perpetual shares jump on demerger possibility
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More news: Perpetual shares have soared 5.5% after the fund manager broached the possibility of demerging its corporate trust and wealth businesses, as well as honing its asset management business. PPT shares were buying $23.58 at 1:40pm AEDT, up from $22.39 at yesterday's close.
Fund manager Perpetual launches strategic review
The news: ASX-listed fund manager Perpetual has announced a strategic review of its corporate trust and wealth management business.
The numbers: In its first quarter update for FY24, Perpetual's assets under management totalled $211.7 billion as at 30 September. It also reported Corporate Trust’s funds under administration of $1.2 trillion and Wealth Management’s funds under advice of $18.4 billion.
The context: Perpetual told investors that it "will be exploring" the benefits of unlocking additional value for shareholders through the separation of its Corporate Trust and Wealth Management businesses and creating a more focused Asset Management business. The review is being progressed by the board and is in line with its regular evaluation of opportunities to create value for shareholders.
The source: ASX announcement
