KKR (NYSE: KKR) is buying the wealth management and corporate trust units of Australian fund manager Perpetual Ltd. for A$2.175 billion (about $1.43 billion), ending a months-long sale process.
The Sydney-based business has entered into a cash deal with the U.S. firm, Bloomberg News reported. The group’s chief executive officer Rob Adams will reportedly retire following the deal’s completion. The deal will leave Perpetual as a standalone “multi-boutique” asset manager that oversees A$227 billion (about $149 billion) across a variety of strategies. Active funds that are run under the Perpetual corporate banner include Trillium, Barrow Hanley and Pendal.