Bain in Exclusive Talks With Perpetual Over Wealth Unit Sale

Perpetual Ltd. signed an exclusivity arrangement with Bain Capital as talks advance over a potential sale of the Australian firm’s wealth management business.

There’s no certainty of any agreement or transaction, Perpetual said in a statement Wednesday. The shares dipped 0.7% as of 10:42 a.m. and remain about 5% lower this year.

Perpetual Chief Executive Officer Bernard Reilly has been looking for a buyer ever since a deal collapsed with KKR & Co. to acquire its wealth and corporate trust arm. This year the Sydney-based firm has focused on jettisoning only the wealth division, which has also attracted interest from ...