Perpetual may soon receive a new buyout proposal valued at more than $2 billion, with multiple parties reportedly considering offers featuring varying deal structures. Market sources suggest that a consortium led by Janus Henderson and Kohlberg Kravis Roberts (KKR) is the frontrunner, though EQT remains actively engaged and could re-enter negotiations with a revamped proposal potentially involving a partner.

Initial speculation around renewed interest in Perpetual emerged in September, with Janus Henderson identified as a key potential bidder alongside private equity firms. While Janus Henderson had initially focused on acquiring Perpetual’s U.S.-based asset manager, Barrow Hanley, it is now believed to be exploring a broader acquisition encompassing the entire asset management division. Reports indicate ongoing discussions with private equity investors about interest in Perpetual’s remaining Corporate Trust business, with KKR prominently involved. KKR had previously sought to acquire Perpetual’s corporate trust and wealth management units in 2024 in a transaction valued at $2.2 billion, but the deal was ultimately abandoned due to adverse tax rulings from the Australian Taxation Office.

Separately, Perpetual has moved forward on selling its wealth management arm to Bain Capital for approximately $500 million. Bain Capital, based in Boston and advised by former Perpetual CEO Geoff Lloyd, is reportedly still assessing its strategic options. Some analysts suggest Bain could benefit from maintaining ownership of both the wealth management and corporate trust units, which could create operational synergies.

Investor dissatisfaction with Perpetual’s recent financial performance has heightened in the lead-up to the company’s annual general meeting scheduled for October 29. Despite assurances that the company’s turnaround plan is progressing, Perpetual reported net outflows of $9.6 billion from its asset management arm in the first quarter of the 2027 financial year. Barrow Hanley was among the hardest-hit units, contributing to a 5.5 percent decrease in assets under management (AUM) to $212 billion for the quarter. Following these results, Perpetual’s share price declined, closing at $16.59 on October 21.

This performance mirrors broader challenges in the asset management sector. Rival firm Magellan experienced a 9.5 percent share price decline on the same day after reporting an 8 percent quarterly AUM decrease to $380 billion. Magellan attributed this downturn to rising bond yields, which negatively impacted listed infrastructure valuations and triggered investor outflows.

Regarding takeover offers, EQT recently increased its bid for Perpetual by offering a dividend payment that effectively raised the per-share price from $22.50 to $23.73, valuing the company at over $2.2 billion. Despite this escalation, the Perpetual board rejected the offer on September 21. Market insiders now speculate that an offer near $23.50 per share could be sufficient to secure an agreement in light of the company’s declining performance and share price.

EQT, which has sought to acquire Perpetual’s corporate trust division for several years, regards this unit as the company’s strongest and fastest-growing business. The private equity firm has made repeated approaches to Perpetual’s board as it seeks to expand its presence in the sector.

Janus Henderson, a London-based global asset manager with approximately $500 billion in assets under management and offices in 26 cities, markets itself as a provider of differentiated investment insights and disciplined portfolio management aimed at delivering superior client outcomes. Its potential involvement in acquiring Perpetual signals broad interest from major asset managers and private equity firms in reshaping the ownership structure of the Australian financial services group.