Jun 22, 2026 – 5.57pmBain Capital fought a long and bloody battle to win Perpetual’s $600 million wealth management business. Now that its dealmakers have the keys to the 140-year-old business, they’re wasting little time whipping it back into shape.Sources told Street Talk Perpetual’s wealth business has been systematically targeting ANZ Private’s top talent, poaching key rainmakers in Victoria and Western Australia.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Perpetual raids ANZ’s advice ranks as Bain Capital prepares to take keys
Bain is combing through ANZ’s wealth and private banking power players in Sydney and Melbourne in the hunt for further talent it could pinch to boost its Perpetual purchase.
TL;DRAI
Bain Capital's acquired Perpetual wealth business is systematically poaching senior rainmakers from ANZ Private across Australia following the $600M deal. The talent grab signals Bain's aggressive consolidation strategy to reposition the platform and compete in Australia's competitive wealth advisory market.
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