Tens of thousands impacted by "Perpetual" fund manager outage and incident

published: June 21, 2023

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Perpetual, a listed fund manager, is currently facing a significant problem involving a prolonged outage caused by an IT security incident in its third-party unit registry system.

The incident started on June 6 and is affecting approximately 45,000 Perpetual clients who are connected to the firm's asset management and wealth management divisions. These clients have been unable to access the myPerpetual platform.

Perpetual took action and disconnected from the third-party system as soon as they became aware of the incident. Currently, they are working closely with the registry provider to rebuild the system in a new and secure environment. The restoration of core systems is already underway, and the processing of transactions is set to commence the following day.

There are indications that Tech Mahindra, an Indian tech firm that provides administration services for various Perpetual products may be involved in the issue. Tech Mahindra has not commented nor reported regarding the incident.

Clients of Perpetual ave raised concerns about potential data breaches and have criticized the lack of direct communication from the company beyond the information posted on the website.

Transactions that have been affected by the outage will be processed at a later stage using the unit price for the effective date they were received. Despite the disruption, Perpetual assures its clients that there has been no impact on their investments or the security of their own systems.

The company maintains that no notifiable data breaches have been identified thus far.

Tens of thousands impacted by "Perpetual" fund manager outage and incident