2312 GMT - Perpetual can make deeper cost cuts within its Asset Management division, Macquarie says. Perpetual wants to strip some A$70 million-A$80 million of costs from its entire business. It is currently tracking ahead of plan. "We see additional scope, particularly in the Asset Management business, for further cost-out," Macquarie says. It points out that Perpetual's cost-to-income of 80% is above the global asset manager median of 64%. "We note Perpetual previously operated at levels below the global asset manager median (i.e. in FY18-19)," Macquarie says. That shifted as Perpetual consolidated acquisitions including Barrow Hanley and Pendal, while also making investments such as expanding its distribution team. Macquarie has an "outperform" call on Perpetual, which is down 0.7%, at A$16.00 today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 17, 2026 19:12 ET (23:12 GMT)

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