Australia’s Perpetual Exits Wealth in $350 Million Bain Sale (1)

Australian fund manager Perpetual Ltd.agreed to sell its wealth management unit to buyout firm Bain Capitalfor A$500 million ($350 million) as the nation’s wealth sector continues to draw global investors keen on grabbing a slice of the A$4.5 trillion pension pool.

Australia’s pool of retirement savings — currently the world’s fourth-largest and the fastest growing among developed nations — is forecast to top the UK and Canada by the early 2030s to become the second-largest globally.

“The Australian wealth sector is growing strongly, underpinned by macro trends including an aging population, wage growth and the need to ...