The new group executive of Perpetual's wealth advice business Perpetual Private, Mark Smith, yesterday formally took over from acting group executive Nick Langton, who will revert to his role of general manager Private Client Advice.
Smith was appointed earlier in the year and will become part of the company's executive leadership team, reporting directly to chief executive Geoff Lloyd.
Lloyd said that under the group's Transformation 2015 strategy, the Perpetual Private business is building a "truly differentiated high net worth offer", with Smith to help the leadership team extract benefits from Perpetual's "strong market position".
"Throughout 2012, the Perpetual Private team, under the guidance of Nick, has continued to pursue a number of initiatives to build on the scale and advocacy we have within the wealth advice business, as well as extend into new activities where we hold a competitive advantage," Lloyd said.
Smith said Perpetual Private's growth strategy was putting the business in a strong position to accelerate its growth when investor sentiment improved, and the objective must be to reap the benefit of the investments made in the business.
