(Reuters) – Perpetual Ltd’s top investor, Australian diversified investment firm Washington H. Soul Pattinson and Company (WHSP), has increased its stake in the company to 11.66%, according to an exchange filing made on Tuesday.

This comes after the fund manager rejected WHSP’s A$3.1 billion ($2.04 billion) takeover offer last week, saying the proposal undervalued its business.

WHSP previously held a nearly 10% stake in Perpetual as of Dec. 6, the day the takeover offer was made.

The proposal came at a time of consolidation in the Australian wealth management market. Perpetual bought rival Pendal for A$2.5 billion earlier this year and Regal Investment Fund picked up PM Capital last month.

($1 = 1.5165 Australian dollars)