Perpetual has announced new global leadership appointments, including a hire from State Street Global Advisors (SSGA), as it prepares to separate the asset management division into a standalone business.
In an ASX statement, the firm said the leadership changes and executive committee changes will drive efficiencies.
Asset management will have strong regional oversight, and an Australian-based and international leadership will be retained. However, distribution will move to an international and domestic model as the international leadership is consolidated.
As a result, the firm has appointed Craig Squires as an executive for transitional services and James MacNevin as chief operating officer.
Squires is currently the COO, but the new role will see him be responsible for all transition-related services that fall under the Transitional Services Agreement with KKR in relation to the scheme of arrangement.
Replacing him as COO, MacNevin will join Perpetual from SSGA where is head of Asia Pacific. At Perpetual, he will be responsible for technology and operating platforms, data governance, change management and strategic vendor partnerships and, post successful completion of the transaction with KKR.
Meanwhile, chief risk and sustainability officer Sam Mosse will depart the business in 2025 and hand over to Allan Lo Proto who will be appointed as chief risk officer and has worked at Perpetual since 2010.
There will be no changes to wealth management and corporate trust executive roles or leadership team structures, the firm said.
Chief executive and managing director Bernard Reilly said: “These changes are a first step in positioning Perpetual to become more efficient and to be a standalone, global, multiboutique asset management business following the successful completion of the acquisition of wealth management and corporate trust by KKR.
“We are evolving our leadership model with an emphasis on relevant asset management expertise, clearer lines of accountability, agility and faster decision-making in the service of our clients. We plan to, over time, keep our central group functions small and maintain regional support where it helps our business grow or there are clear scale advantages.”
