Good evening,

It’s been two months since Perpetual terminated talks with KKR for a $1.4 billion carve-out and called in Barrenjoey to relaunch a sale of its lucrative wealth management business. Now, Street Talk has the word on which parties are lining up for the unit, which oversees $21 billion in client assets.

Sydney buyout shop Adamantem Capital is understood to be thumbing through a copy of the investment memorandum. The firm has long had an interest in the sector, having popped up in the rejigged auction for accounting and financial advice firm AZ Next Generation Advisory last year, before signing a deal to acquire the $8 billion wealth management platform Mason Stevens.

Other parties on the scene include Oaktree, which is the largest shareholder of AZ NGA, and North American buyout player TA Associates, sources said. TA Associates, which has been a staple of the Aussie financial services scene for several years, taking a stake in home-grown exchange-traded funds provider BetaShares in 2021, was working with Morgan Stanley on a bid for the unit last year during the process’ first iteration. TA eventually teamed up with rival bidder EQT Partners.

Of note, Barrenjoey is yet to collect non-binding indicative offers. Expectations are the wealth business could fetch a valuation of anywhere between $500 million and $700 million.

Read the full story tomorrow and more on the Street Talk page.

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