Perpetual enters exclusivity deed with Bain Capital over wealth management sale

The news: Fund manager Perpetual has entered an exclusivity deed with private equity giant Bain Capital to "progress discussions" around the potential sale of its wealth management business.

The context: Perpetual said there is no certainty of reaching a binding agreement or that any transaction will proceed.

In August, the group reported a net loss of $58.2 million for FY25, weighed down by impairments and costs related to the failed sale of its corporate trust and wealth management divisions to private equity group KKR in February.

Perpetual reiterated its aim to sell its wealth management business last month.