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Highlights
- Perpetual announces executive restructuring in alignment with upcoming transition.
- Craig Squires to shift roles as James MacNevin steps in as Chief Operating Officer.
- New leadership appointments set Perpetual's course for standalone asset management.
Perpetual Limited (ASX:PPT) is undergoing a significant restructuring of its executive team as it embarks on a focused transition to a standalone asset management business. This shift follows the recent acquisition of Perpetual’s wealth and trustee businesses by the investment giant KKR, paving the way for Perpetual’s evolution into a global multi-boutique asset management firm.
In alignment with these changes, Craig Squires, currently the Chief Operating Officer (COO) at Perpetual, will step into the role of Executive of Transitional Services. This immediate shift will allow Squires to oversee the critical transitional activities as Perpetual separates from its wealth and trustee segments.
To support the company's streamlined vision, James MacNevin has been appointed as the new Chief Operating Officer, taking over from Squires. MacNevin’s extensive experience in operational leadership is anticipated to contribute to Perpetual’s objective of becoming an efficient, standalone asset management firm. The transition of leadership is designed to bolster Perpetual’s position as it refines its focus on asset management services.
In addition to these changes, Perpetual’s current Chief Risk and Sustainability Officer, Sam Mosse, will depart the company in 2025. This planned departure marks a strategic phase in Perpetual’s restructuring efforts, as the organization adapts to the evolving demands of the asset management industry. Following Mosse’s exit, Allan Lo Proto has been appointed as the new Chief Risk Officer. Lo Proto’s expertise will guide the firm in navigating risks and ensuring sustainable growth as an independent asset manager.
Bernard Reilly, Chief Executive Officer of Perpetual, remarked on the restructuring, describing it as the “first step in positioning Perpetual to become more efficient and to be a standalone, global, multi-boutique asset management business.” This restructuring reflects Perpetual’s intent to sharpen its focus and enhance operational efficiency as it moves away from its previous wealth management and trustee services.
With a renewed executive lineup, Perpetual aims to establish itself as a dedicated asset management entity, delivering value across its global operations. As the company progresses through its strategic transition, the leadership changes underscore its commitment to a streamlined, efficient structure, better suited to support its growth ambitions in the asset management sector.
