The latest mergers, acquisitions and other corporate actions in the wealth management sector.

EQT, Perpetual Ltd
Sweden-headquartered EQT AB has boosted its takeover bid for Australian investment management firm Perpetual Ltd. to around A$2.6 billion ($1.8 billion), Perpetual Ltd said yesterday. 

The offer of A$22.50 per share marks a rise of about 2 per cent from a prior bid of A$22.07 announced earlier in July and is 4 per cent, Perpetual Ltd said in a statement. 

“The Perpetual board is assessing the further indicative proposal with the assistance of its financial and legal advisers. The board has not yet formed a view on the merits of the further indicative proposal and no recommendation is being made to shareholders at this time,” it said. 

Perpetual agreed earlier this year to sell its wealth management unit to Bain Capital.

BNP Paribas, Warburg Pincus
The insurance arm of BNP Paribas has agreed to acquire the holding from Warburg Pincus, taking a shareholding alongside Bank of Baroda and Union Bank of India.

Under terms of the deal, BNP Paribas Cardif has entered a definitive agreement to acquire a stake of about 26 per cent in IndiaFirst Life Insurance Company from Warburg Pincus. The transaction is awaiting regulatory approval.

Once completed, IndiaFirst Life's shareholder base will comprise Bank of Baroda with about 65 per cent, BNP Paribas Cardif with about 26 per cent, and Union Bank of India with approximately 9 per cent, BNP Paribas said in a statement. 

BNP Paribas Cardif and Bank of Baroda already operate a joint venture in asset management.

BNP Paribas Cardif has a bancassurance partnership model in 30 countries with more than 500 partner distributors spanning banks, automotive companies, retailers and telecommunications firms. The insurer, which reported gross written premiums of €40.5 billion in 2025, employs 9,000 people worldwide.

The transaction adds to BNP Paribas Cardif's expansion in Asia, where the insurer has been building out partnership-led distribution alongside its established positions in Europe and Latin America. India's life insurance sector has drawn sustained interest from global insurers and private equity investors in recent years, given the market's low penetration rates relative to its population and growing middle class.