Perpetual Private gets new boss
By Michael Bailey
PerpetualTrustees has appointed a new head for its $5.5 billion Private Clients business.
Scott Riedel comes to Perpetual Private Clients from Commonwealth Bank of Australia, where he ran the private banking business.
Riedel replaces Andrew McKee, who has taken the newly created role of general manager of wealth management programs with responsibility for introducing new programs and products across Perpetual’s wealth management division.
McKee has run the Private Clients business since February 2001, when it stood at $3.6 billion of funds under advice.
Perpetual Private Clients and Wilson Dilworth are the two Perpetual-owned advice businesses catering to high-net-worth individuals.
Last October group executive Gerard Doherty indicated the business units would soon sit under one brand while retaining two distinct business models.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
