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By Alice Uribe
SYDNEY–Perpetual Ltd. will make changes to its global equity capabilities, including the closure of a fund, as part of a strategic review.
The Australian investment manager informed investors and clients on Wednesday that it would close the Perpetual Global Innovation Share Fund, a company spokesman told The Wall Street Journal on Thursday.
“As part of a large global asset management business we must continually look at ways to leverage the strengths and scale of the broader Perpetual Group, to ensure we have a range of differentiated and competitive offerings in the Australian market, that we believe will deliver the best outcomes for our clients,” the spokesman said.
Perpetual on Wednesday also announced that U.S.-based investment manager Barrow Hanley will be appointed as the investment manager for the Pendal Concentrated Global Share Funds. Perpetual acquired a 75% interest in Barrow Hanley in 2020.
The Global Innovation Share Fund is set to close on Oct. 24, and Barrow Hanley’s proposed appointment starts Oct. 31.
“Both current Perpetual and Pendal teams will continue to manage their respective funds to ensure an orderly transition,” said the spokesman.
Perpetual in January completed its acquisition of fund manager Pendal Group, which brought its assets under management to around 200 billion Australian dollars (US$128.48 billion). With this has come a focus on integration and delivering committed synergies of A$80 million by January 2025.
Write to Alice Uribe at [email protected]
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