Addressing shareholders at the company’s AGM, Tony D’Aloisio emphasized the weight of this decision for both shareholders and employees, while hinting at potential delays in the planned transaction timeline.

“We understand the importance of the Perpetual brand to our Australian business and the significance of this decision for some of our shareholders and employees to sell the brand,” D’Aloisio said.

He also highlighted the brand’s significant status in the Australian asset management sector, explaining the importance of negotiating an appropriate period for its continued use by the Australian equities business.

Although the brand will go private as part of the spin-off from Perpetual, it will still be used by the Corporate Trust and Wealth Management divisions.

"The price includes an agreed value for the brand," D'Aloisio said, noting that the Australian equity business would retain the Perpetual name for a "substantial period of time" after the deal was completed.

D'Aloisio also assured shareholders that the global asset management unit operates under several established brands, including JO Hambro, Trillium, Pendal, Barrow Hanley, TSW and Regnan. Because the Perpetual name is not central to these businesses, he explained, the risk associated with brand transition is minimized.

Looking ahead, D'Aloisio confirmed the company still aims to put the KKR deal to a shareholder vote in early 2025.

However, he warned that regulatory approvals and discussions around taxes and duties could cause delays.

"Once we get a clearer line of sight and security for them, we'll be able to update the market," he said.

Meanwhile, D'Aloisio said Perpetual will continue to operate its three core businesses with the same focus and intensity as before, providing continued momentum during the transition.

Reports emerged last month that Perpetual's deal with KKR was facing increased scrutiny as its share price continued to slide, raising concerns that the offer could be called off.

During the announcement of the company's results for the financial year 2023-2024. questions were raised about whether the transaction would deliver the expected returns, putting pressure on Perpetual's post-merger strategic direction.

At the time, then-CEO Rob Adams said that even if the deal fell through - which he said was unlikely - Perpetual still believed it was best run by its asset management, corporate trust and wealth management businesses separately.

“Our full focus is on getting the transaction done,” Adams said, but added, “Our board is managing the contingency plans. This is not the result we expect, but we manage them.

Also at last week's AGM, Perpetual received a first strike against its remuneration report after significant shareholder opposition, despite the board's rationale for retained payments and short-term incentives to provide management stability during a period of strategic review.

Some 88 percent of shareholders opposed the adoption of the remuneration report, and a motion to elect Rodney Forrest to the board was also rejected.