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.
