One of Australia's first financial services institutions
History
Our experience in administering the portfolios and assets of Australians, their families and companies dates back to 1884. That was when the oldest company in the Perpetual Group was established to provide Australians with responsible, trustworthy services in the administration of estates. We have assisted clients in building and preserving their wealth ever since and expanded our service offerings exponentially.
Our origins
One of the first of its type in Australia, the corporate entity that was formed in a pioneering move to replace individual trustees was the Perpetual Trustee Company (Limited) in September 1886.
Despite the economic hardships of the times, the company earned sufficient profits by 1893 to pay its first dividend of 6%. That 6% established a precedent and company shareholders have received dividends every year since.
By 1900, business continued to expand and Trust and Agency funds under our administration had grown to almost £4,000,000. An increasing number of prominent citizens selected Perpetual as executor or trustee of their estates – many of such appointments continuing under our management for many generations.
Our growth
Outgrowing several premises by 1916, the company erected new premises at 39 Hunter Street – formerly the site of the old flower market – and contributed to the emerging face of the Sydney Financial District.
Weathering the first World War and economic depression of the 1920s, Perpetual continued to earn public confidence in the face of social adversity. A report from 1935 to celebrate our first 50 years reflects a sense of heritage and optimism with:
“This admirable record of progress is undoubtedly due to a great extent, to the ability of the men who planned and administered the policy of the Company, and also to a growing realisation on the part of the public of the many advantages offered by Corporate Trustees. That Trustee Companies do not die…the life of the company is ‘Perpetual’…”
Those first 50 years saw only six changes to Chairman of the Board, giving the company a secure and steadfast reputation. At that time, Perpetual Trustee Company controlled trust estates to the value of £50,000,000 and considered itself “probably the largest in the world.”
Our evolution
In 1963, three long-established companies came together to form The Perpetual Trustees group (Perpetual). These companies had been operating independently in their own states since the 1880s as:
- The Perpetual Executors & Trustees Association of Australia Ltd (Victoria)
- Queensland Trustees Ltd
- Perpetual Trustee Company Ltd (NSW)
Joining our holding company in 1985 and 1989 respectively were Perpetual Trustees W.A. Ltd and West Australian Trustees Ltd. This merger, as reported in the 1990 Annual Report, provided for Perpetual representation in all mainland states with fully serviced, licensed trustee companies.
Despite business uncertainties and a slowdown in the economy (and a domestic inflation rate of 8.6%), Perpetual reported an annual group profit increase of 13% over 1989 and shareholders’ equity in the company at $125.1 million. Client investment in common trust funds of the Group at 30 June 1990 totalled $1.4 billion (a 17.4% rise).
Who we are today
Over the last 15 years, Perpetual has responded to remarkable changes in Australian political, commercial and personal trends. We continue to grow revenue and add to our trust and investment areas of expertise.
Perpetual had been housed in its Sydney landmark home at 39 Hunter Street since 1916 but moved premises to the newly furbished Angel Place (Pitt Street) in 2006.
