Perpetual
TypePublic (ASX: PPT)
IndustryFinance
FoundedSydney, Australia (1886)
HeadquartersSydney, Australia
Key people
ProductsFinancial services
AUMA$200 billion
(January 2023)
SubsidiariesTrillium Asset Management

Barrow Hanley Global Investors Fordham Group Priority Life Jacaranda Financial Planning

The Private Practice
Websitehttp://www.perpetual.com.au

Perpetual is an Australian investment fund and trustee group in the S&P/ASX 200. The company provides investment products, financial advice, philanthropic and corporate services to individuals, families, financial advisers and organisations.

History

The heritage-listed Perpetual Trustee Company Building

Perpetual was conceived in 1885 by a committee of business professionals with the purpose of forming a trustee company. The committee included Edmund Barton, Australia's 1st Prime Minister, managing director John Street of the Street family and chairman James Fairfax of the Fairfax family.

The Perpetual Trustee Company (Limited) was officially formed in 1886, originally based at 105 Pitt Street Sydney. John Pewtress, an accountant, became the first employee. In 1888, a special act was granted to Perpetual (the power) to act as a corporate executor and trustee by the NSW Legislative Assembly. An increasing number of prominent citizens appointed Perpetual as executor or trustee of their estates – in many cases for generations.

Perpetual continued to develop a strong and secure reputation throughout the First World War and The Great Depression. At that time, Perpetual Trustee Company controlled trust estates to the value of £50,000,000, making it easily Australia's largest trustee company. In 1935 all staff were required to sign an ‘Obligation of Secrecy’ book, a practice that continued until 1988.

In 1963, The Perpetual Executors & Trustees Association of Australia Ltd (Victoria) and Queensland Trustees Ltd, which had operated in their own states since the 1880s, merged with Perpetual Trustee Company Ltd (NSW). In 1964 Perpetual listed its shares on the Australian Securities Exchange and this continues today.

During the 1980s, 1990s and 2000s (decade), Perpetual expanded beyond its traditional trustee business into the rapidly developing funds management industry. This included superannuation, financial advice, and corporate trustee and securitisation services.

In 2020, Perpetual expanded globally by acquiring two specialist asset management firms; Barrow Hanley Global Investors, a leader in global value investing, and Trillium Asset Management, an industry pioneer in environmental, social and governance (ESG) investing and shareholder advocacy.[1][2]

In April 2022 Perpetual launched a takeover offer for Pendal Group.[3] Pendal Group's shareholders accepted the offer in December 2022 with the transaction to taking effect in January 2023.[4][5][6]

Philanthropy

Trustee services were initially provided in the late 19th century when prosperous Australians began creating charitable endowments. Today, Perpetual is Australia’s largest manager of philanthropic funds, including acting as trustee for over 450 charitable trusts.

The Möbius strip is a key element of Perpetual's brand, signifying strength and continuity.

See also

References

  1. ↑ "Perpetual buys 75pc of Texan asset manager; blasts raising terms". Australian Financial Review. 2020-07-26. Retrieved 2021-09-15.
  2. ↑ "Perpetual acquires ESG firm Trillium | Money Management". www.moneymanagement.com.au. 2020-07-01. Retrieved 2021-09-15.
  3. ↑ Investment giant Perpetual makes $2.4b takeover bid for rival Pendal Business News 4 April 2022
  4. ↑ Keeping key stock pickers critical in Pendal-Perpetual’s $2b tie-up Australian Financial Review 23 December 2022
  5. ↑ Pendal shareholders back Petpetual's $2bn takeover The Australian 24 December 2022
  6. ↑ mrinmoyee (2023-01-23). "Australian asset manager Perpetual wraps up $1.7bn Pendal Group purchase". Private Banker International. Retrieved 2023-04-05.
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