Australia's Perpetual Ltd has terminated talks with KKR for the A$2.2 billion ($1.4 billion) sale of its wealth management and corporate trust units and said it would pursue a sale of its wealth management business separately.

The 139-year-old conglomerate had proposed the sale to the private equity giant more than a year ago. It will try to sell wealth management separately.

Perpetual said it will pursue the sale of its wealth management business after rejecting the latest offer from KKR & Co., as the Australian financial services firm attempts to lure new offers.

Australia’s Perpetual ended talks with KKR about a potential asset sale to the U.S. buyout firm, and will instead look to hold onto its corporate trust unit.

Perpetual will continue its business separation programme and implement a new operating model for asset management, focusing on organic growth and cost reduction. In addition to t