The Australia-listed business said it intends to look at a sale of its wealth business separately.

Australia's Perpetual Ltd has called off talks with KKR, aka Kohlberg Kravis Roberts, over the A$2.2 billion ($1.4 billion) sale of its wealth management and corporate trust units.

The firm said it will still pursue a sale of its wealth management business separately.

“In taking these steps, the [Perpetual] board believes that long-term shareholder value is best achieved by retaining ownership of its high quality businesses that have strong market positions and provide organic growth opportunities, while also leveraging the work undertaken through the strategic review conducted in 2024 that considered all aspects of portfolio optimisation,” Perpetual said in a statement earlier this week. 

Shares of Perpetual fell nearly 4 per cent on Monday, lagging the S&P/ASX200 index, which held steady, according to Reuters.

Regarding its wealth business, Perpetual said: “Wealth management is a quality, highly regarded business with a broad service offering to high net worth clients as well as leading fiduciary and philanthropic offerings. Proceeds from a planned sale would be used to strengthen the group’s capital position, as well as support investment in organic growth in both corporate trust and asset management.”