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Perpetual Resources (ASX:PEC) has appointed Bernard Reilly, former head of the $300 billion Australian Retirement Trust (ART), as its new CEO. Reilly's hiring marks a new chapter for the 138-year-old firm as it prepares for a significant restructuring.
Reilly succeeds Rob Adams, who has led the company for nearly six years. Adams’ tenure included notable, and at times controversial, acquisitions such as the $2 billion purchase of rival fund manager Pendal and a subsequent deal with KKR, which will see the company’s investment business rebranded.
Prior to joining Perpetual, Reilly left ART in February after overseeing the merger of Sunsuper and QSuper, creating Australia’s second-largest super fund. His extensive experience also includes executive roles at global funds management leader State Street.
Reilly will receive an annual salary of $1 million, with additional short- and long-term bonuses potentially totaling up to $1.875 million, contingent on achieving a 50% total shareholder return target over three and four years.
Perpetual Chairman Tony D’Aloisio praised Reilly’s deep expertise in global asset management and his strong track record in handling complex M&A transactions. Reilly’s mandate includes overseeing the demerger of Perpetual’s asset management unit from its wealth and corporate trust units, which were sold to KKR in May.
Reilly’s leadership will involve managing the $215 billion asset management division, which is expected to be rebranded following the split. His immediate challenge will be addressing significant client redemptions, which have affected the firm’s valuation and were exacerbated by recent acquisitions.
Perpetual will report its full-year results on August 29, providing further details on the financial implications of the sale of its corporate trust and wealth management units. Adams will manage this report alongside CFO Chris Green, with the formal CEO transition set for October 1.
Perpetual Resources (ASX:PEC) has appointed Bernard Reilly, former head of the $300 billion Australian Retirement Trust (ART), as its new CEO. Reilly's hiring marks a new chapter for the 138-year-old firm as it prepares for a significant restructuring.
Reilly succeeds Rob Adams, who has led the company for nearly six years. Adams’ tenure included notable, and at times controversial, acquisitions such as the $2 billion purchase of rival fund manager Pendal and a subsequent deal with KKR, which will see the company’s investment business rebranded.
Prior to joining Perpetual, Reilly left ART in February after overseeing the merger of Sunsuper and QSuper, creating Australia’s second-largest super fund. His extensive experience also includes executive roles at global funds management leader State Street.
Reilly will receive an annual salary of $1 million, with additional short- and long-term bonuses potentially totaling up to $1.875 million, contingent on achieving a 50% total shareholder return target over three and four years.
Perpetual Chairman Tony D’Aloisio praised Reilly’s deep expertise in global asset management and his strong track record in handling complex M&A transactions. Reilly’s mandate includes overseeing the demerger of Perpetual’s asset management unit from its wealth and corporate trust units, which were sold to KKR in May.
Reilly’s leadership will involve managing the $215 billion asset management division, which is expected to be rebranded following the split. His immediate challenge will be addressing significant client redemptions, which have affected the firm’s valuation and were exacerbated by recent acquisitions.
Perpetual will report its full-year results on August 29, providing further details on the financial implications of the sale of its corporate trust and wealth management units. Adams will manage this report alongside CFO Chris Green, with the formal CEO transition set for October 1.
