Good evening,

Perpetual’s boss Rob Adams has got more than one cake in the oven.

Street Talk’s spotted Goldman Sachs testing appetite in the Perpetual Corporate Trust (PCT) business, which has more than $1 trillion in assets under administration, but is the odd one amid Perpetual’s growing funds management-focused ambitions.

The trustee services sector hasn’t seen a chunky deal for a while. (The last ones to change hands were The Trust Company and ANZ Trustees.)

But sources reckon that’s changed, and trade players and PE firms alike are once again paying attention to its annuity-style returns and the fact that it is one-stepped removed from market volatility.

If the sale were to go ahead, it would be a big payday for Perpetual, which has $1.7 billion market capitalisation.

Elsewhere, TPG Capital is set to acquire pharmaceutical business iNova, Crescent Capital has called in Morgan Stanley to shake trees for its radiology business PRP, and Lynch Group’s replacing MACA on PE targets list.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood

Street Talk editors