Fund manager Perpetual is about become a takeover favourite. : We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later. In the next few weeks the noose will tighten on the collective neck of one of the country’s most well-known fund managers, Perpetual, and its board. The day of reckoning began on Thursday when private equity and hedge funds joined forces to lob a $30 a share bid for the iconic fund manager at an 11 per cent premium to its last share price.