THIS morning Pendal announced to the ASX that we have agreed to proceed with a proposal by Australian fund manager Perpetual for the acquisition of 100 per cent of Pendal’s business.
This follows an announcement in July that both companies had entered discussions regarding a potential transaction.
The proposal, which is subject to shareholder approval, follows extensive engagement between our companies.
It is strongly supported by our fund managers, given Perpetual’s commitment to preserve our culture of investment independence and the autonomy of our investment management teams.
We believe the proposal would create Australia’s pre-eminent global asset manager, with client benefits deriving from greater scale across client service, distribution, technology and infrastructure.
Pendal shareholders are expected to meet in December to vote on the transaction.
In the meantime, I want to assure you that little will change:
In coming days and weeks, you will hear more from our portfolio managers and investment teams.
In the meantime, I warmly thank you for your support and trust.
– Richard Brandweiner
CEO, Pendal Australia