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AAP
AAP
Business
Derek Rose

DARK SECRETS: Funds pendal perpetual in 2 5b merger | Vintage Vibes

Perpetual Limited chief executive Rob Adams will remain CEO of the merged entity. (PR HANDOUT IMAGE PHOTO) (AAP)

Two Sydney-based fund managers have agreed to combine in a $2.5 billion deal that'll create what the companies are calling Australia's pre-eminent global asset manager.

After months of talks, 134-year-old Perpetual Limited is acquiring competitor Pendal Group, a 45-year-old wealth manager formerly known as BT.

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