Reilly to take Perpetual’s ‘legacy into the next phase’

InvestorDaily

Bernard Reilly, former chief executive of $300 billion Australian Retirement Trust (ART), has been appointed chief executive of Perpetual, effective 2 September. He takes the reins from Rob Adams, who announced in May he would retire from his role as group chief executive and managing director, having held the role since September 2018. Adams has also been the chief executive of asset management following a company reshuffle last year which saw its asset management businesses form one global division and create a simplified leadership structure.

At the time, Perpetual said Adams would retire following a period of orderly transition upon completion of the KKR deal which will see KKR acquire the firm’s corporate trust and wealth management businesses. The sale is subject to a Perpetual shareholder vote and the board unanimously recommends this in the absence of a superior proposal. Shareholders are expected to receive cash proceeds and will retain their ownership in the firm under its new structure as an asset manager with $227 billion in assets under management.

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