While Pendal’s board takes the next week or so to consider rival Perpetual’s scrip-heavy $2.4 billion bid, its rock star stockpickers have been keeping tabs on PPT for years.
And their view? Well, it is understood they have a zero position in Perpetual.
Out of $20 billion or so in Australian equities, sources said they had not one Perpetual share.
Instead, Pendal’s team, headed by veteran stockpicker Crispin Murray, have put their clients’ dollars towards BHP, CSL, Telstra, the big four banks, Santos and Xero. In small caps, where Perpetual lives, they seem to prefer Beacon Lighting, Viva Energy and Downer EDI Ltd, based on recent substantial shareholder notices.
Lucky for Perpetual it’s Pendal’s board, advised by Macquarie Capital and King & Wood Mallesons, assessing the indicative and non-binding proposal, and not their investments team.
AFR article
