KKR tables bid for Australian fund manager

first_img KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Monday 18 October 2010 7:35 pm Share whatsappcenter_img whatsapp US Private equity firm Kohlberg Kravis Roberts (KKR) has offered up to $1.73bn (£1bn) for Australian fund manager Perpetual, reigniting merger interest in Australia’s $1 trillion wealth management sector.Australia’s wealth management industry is the world’s fourth largest and is expected to grow at 12 per cent a year, but mergers have dried up over the past year, with the sole exception of National Australia Bank’s (NAB) failed $12bn bid for wealth manager AXA Asia Pacific.KKR’s indicative bid of between A$38 and A$40 a share, a premium of up to 29 per cent on Perpetual’s closing price on Friday, took investors by surprise, triggering a rally in shares of Perpetual and rivals.Perpetual shares surged to A$39.39, a nine-month high, before easing back to A$37.78, up 22 per cent. Fund manager Platinum jumped 5.4 per cent, Challenger Financial rose 4.3 per cent, AMP climbed 2.4 per cent and AXA Asia Pacific added two per cent.“The bid certainly shows the financial sector, especially funds management, will see consolidation in the coming year,” said Simon Burge, executive director at ATI Asset Management. KKR tables bid for Australian fund manager Show Comments ▼ Tags: NULLlast_img read more