May 8 (Reuters) - Australia's Perpetual said it

signed a scheme implementation deed with an affiliate of global

investment firm KKR & Co ( KKR ) for the sale of its corporate

trust and wealth management businesses for A$2.18 billion ($1.44

billion).

"Board has determined that becoming a pure-play global Asset

Management business through a demerger, combined with the

separation of the Wealth Management and Corporate Trust

businesses, will provide superior value for shareholders,"

Perpetual said in an exchange filing on Wednesday.

The deal will make the company "a leaner, debt-free, global,

multi-boutique Asset Management firm managing A$227 billion in

assets under management," it added.

($1 = 1.5170 Australian dollars)