Perpetual HY26 Results: CEO Insights Live

Perpetual's Mid-Year Reckoning

Perpetual Limited, the ASX-listed Australian financial services group, operates across asset management, wealth management, and corporate trust services. Its multi-boutique asset management arm includes names like J O Hambro Capital Management, Pendal, and Barrow Hanley, managing investments globally.

The half-year results for the six months to 31 December 2025, covering what is labelled HY26 in Australian financial reporting (first half of fiscal 2026), arrive against a backdrop of uneven performance. In the December 2025 quarter, total group assets under management fell to A$227.5 billion from A$232 billion, reflecting net outflows of A$7.8 billion—largely from equities strategies—and negative market and currency impacts.

The corporate trust business provided a counterpoint, with funds under administration rising 2.1% to A$1.31 trillion, underscoring resilience in that segment. Wealth Management's funds under administration stayed flat at A$21.9 billion.

A major strategic development is the ongoing potential sale of the Wealth Management business to Bain Capital Private Equity. Discussions are described as well advanced, with transaction documentation progressing, though no deal is guaranteed. Any divestment could streamline Perpetual's focus on asset management and corporate trust while freeing up capital, but it risks reducing diversification and recurring revenue streams from high-net-worth clients.

Performance fees for the half year are projected at around A$10 million, mainly from select boutiques. Expense growth for the half year is expected to come in below the full-year guidance of 2-3%, aided by currency effects and restrained underlying costs. Significant items, post-tax, are forecasted between A$54 million and A$63 million, with no impairments anticipated.

The results release on 26 February 2026 coincides with a live briefing from CEO Bernard Reilly and CFO Suzanne Evans, offering insights into how the company navigates persistent outflows in parts of its asset management portfolio, the fate of the wealth sale, and broader market headwinds affecting active managers globally.