Perpetual: Crisis averted?

As the Billabong takeover bid shows, great buying opportunities can emerge from crisis. James Greenhalgh revisits Perpetual to see if this is one of them.

In the 2003 annual report, then Perpetual chairman Charles Curran said, ‘The new managing director will be expected to lead the Perpetual team into a stage of further expansion, capitalising upon our strong position as a leading fund manager and corporate trustee’.

Curran’s new managing director turned out to be David Deverall, and we now know how that ‘further expansion’ worked out. Which is to say, not well.

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