Key facts from Perpetual's AGM

Perpetual (ASX:PPT) conducted its 2024 Annual General Meeting on October 17, 2024. Key topics included FY24 financial results, a Scheme of Arrangement with KKR, leadership changes, and strategic plans. The company reported a 32% increase in revenue and a 26% rise in Underlying Profit After Tax. A proposal to divest certain businesses to KKR was discussed.

Perpetual's strategic update and future outlook

Perpetual's AGM highlighted key financial achievements and strategic plans. With a 32% revenue increase and a focus on asset management, the company aims to streamline operations and enhance efficiency. The proposed Scheme with KKR involves divesting non-core businesses, offering potential cash returns to shareholders. Leadership changes, including a new CEO, align with the company's strategic focus. Despite challenges, such as asset management outflows and an impairment charge, Perpetual is committed to operational excellence and global distribution. The company's simplification program targets cost reductions, supporting its long-term growth ambitions.

Executive insights from the AGM

The FY24 financial results demonstrate strong performance across our divisions, with notable contributions from Corporate Trust and Wealth Management. However, we face challenges with outflows in Asset Management. The proposed Scheme of Arrangement with KKR is a strategic move to unlock shareholder value and focus on our core strengths in asset management.