Aaron Weinman

Jarden has told staff its local banking business made its first profit – $NZ18.4 million ($16.9 million) for the 12 months to March 31 – four years

The Australian assets of buyout funds have grown 75 per cent in four years, but the ASX 200 has shrunk by roughly $6 billion this year.

The deputy chief investment officer will join Blue Owl Capital, the US investor courting Australia’s superannuation market for over a year now.

The advisory giant’s former boss, and its most senior audit partner, is expected to launch the new business next month.

The transaction will give the private equity giant the rights to the 138-year-old brand and leave the ASX-listed group as a pure-play funds management business.

The sale to the US private equity firm completes a six-month strategic review of the ASX-listed company, which morphs into a pure-play asset manager.

The banking giant was fined after the corporate regulator found it failed to pick up the unusual orders which were likely intended to manipulate wheat prices.

The investment company, which holds nearly 15 per cent of Perpetual, believes the trust and wealth businesses have been traded for more than it was ever willing to pay.

Soul Patts’ $3 billion offer for the asset manager set the stage for whirlwind negotiations and accelerated a sale that private equity firms had eyed for years.

The Swiss private equity firm expects deals to ramp up in the second half, and primed its early learning business to be the first off the block.