In an ASX announcement on Monday, the wealth giant revealed it expects to record a non-cash impairment charge of approximately $547 million before tax in its financial results for the full year ended June 30, driven by net outflows from some of its strategies.

The company confirmed that among the outflows were $12 billion from strategies managed by JO Hambro and TSW.

“As previously announced in its quarterly updates in FY24 and particularly in the second half of FY24, some key strategies experienced larger than expected net outflows, with net outflows of A$8.0 billion for JO Hambro and A$4.0 billion for TSW,” said the Eternal.

"Based on the projected earnings impact of these outflows and the resulting delay in expectations of future inflows, compared to the assumptions made at the time of the Pendal Group acquisition, a non-cash impairment charge of $417 million will be recognized against the balance sheet goodwill value for JO Hambro and $130 million for TSW. This will impact the group's statutory results for FY24.'

Last week, Perpetual announced that Bernard Reilly, former chief executive of the $300 billion Australian Retirement Trust (ART), has been appointed chief executive of Perpetual from 2 September.

He takes over the reins from Rob Adams, who announced in May that he would step down from his role as group chief executive and managing director, having held the position since September 2018.

Adams was also chief executive of asset management following the company's restructuring last year, which saw its asset management businesses form one global division and create a simplified management structure.

At the time, Perpetual said Adams would retire after an orderly transition period following the completion of the KKR deal, which will see KKR acquire the firm's corporate trust and wealth management businesses.

The sale is subject to a standing vote of shareholders and the board unanimously recommends it in the absence of a better offer. Shareholders are expected to receive cash proceeds and retain ownership of the firm under its new structure as an asset manager with $227 billion in assets under management.