Shares in financial services giant Perpetual (ASX:PPT) rose 2.16% to $17.52 in early Feb. 26 trade after the fund manager reported a 349% surge in statutory net profit after tax to $53.9 billion for the first half of FY26.
The result was largely bolstered by the absence of impairment losses and a significant reduction in transaction and integration costs compared to the previous year.
While the headline figure impressed, underlying profit—seen by analysts as a more accurate reflection of ongoing operations—grew 12% to $112.7 million, driven by a buoyant equity market and disciplined cost-cutting within its asset management division.
CEO Bernard Reilly confirmed that negotiations are ongoing with Bain Capital Private Equity regarding the potential sale of Perpetual’s wealth management business.
"We are establishing a clear standalone operating perimeter for the Wealth Management business to support a potential sale," Reilly noted, emphasising a focus on minimal disruption for clients.
At the time of reporting, Perpetual's share price was $18.38.