Chanticleer
Story of change in rise of Betashares, decline of Perpetual and AMP
The shift from active to passive management is changing the face of Australia’s financial sector. Unaffordable housing could shift things again.
It’s fitting that the privately held wealth provider Betashares would announce a $300 million investment from Singapore’s Temasek just six weeks after we learnt the 138-year-old funds management and wealth icon Perpetual was being broken up via a deal with private capital giant KKR.
One of the drivers of the break-up was Perpetual’s ill-fated, debt-laden merger with rival Pendal, a deal driven by the pair’s need to weather the pressure on fees and fund flows caused by the shift to passive investing via ETFs and other vehicles.
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