The stock opened about 1.7% lower in Sydney.
Perpetual had been considering another offer from KKR to buy its wealth management and corporate trust businesses after a deal last year was scuppered by an unexpected tax ruling.
The deal activity comes amid a renewed focus from overseas investors in Australia’s wealth sector, with Insignia Financial fielding a trio of takeover bids.
Perpetual said it will maintain its push to separate its businesses to establish standalone and more autonomous units. It will also implement a new operating model for its asset management division and deliver on an improved cost reduction program.
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KKR and Bain Capital have been among the firms looking to tap into Australian high-net worth wealth and its fast-growing pensions pool.
