Perpetual names Bernard Reilly as new CEO
Make us a preferred source
Make us a preferred source on Google
The news: Perpetual has appointed Bernard Reilly as its new CEO and managing director, with Reilly to take over the top job from Rob Adams on 2 September.
The context: Reilly was previously the CEO Australian Retirement Trust (ART), the $300 billion super fund formed by the merger of Sunsuper and QSuper.
Before that he held senior positions at global asset managers including 24 years at State Street Global Advisors, including executive vice president and global head of strategy as well as head of Asia Pacific.
What they said: "The board is delighted to appoint Bernard to lead Perpetual as it completes the sale of corporate trust and wealth management and then transitions to a single purpose asset management business," Perpetual chair Tony D'Aloisio said.
"Bernard has a deep understanding of global asset management, as well as strong operational experience and oversight of complex M&A transactions."
Reilly said he would look to take Perpetual "into the next phase".
“Perpetual has been through a period of significant change which has brought scale and diversification to asset management. I have a deeply held belief in the power of active funds management, and our responsibility as a fiduciary," Reilly said.
"The firm has a history steeped in developing and retaining outstanding investment talent and a deep commitment to long term value creation for its clients."
He will start on fixed remuneration of $1 million, with short term variable equity and cash incentives on offer of up to $1.75 million, plus long term equity incentives of $1 million face value.
The source: ASX announcement
