Bernard Reilly appointed as CEO and Managing Director

Bernard Reilly appointed as CEO and Managing Director

Perpetual Limited (Perpetual) (ASX:PPT) today announces the appointment of Bernard Reilly as Chief Executive Officer and Managing Director of Perpetual Limited, effective 2 September 2024.

Mr Reilly has more than 30 years’ experience in international and domestic asset management, banking and the finance sector. He was formerly Chief Executive Officer of Australian Retirement Trust, the super fund formed in February 2022 and today has over A$300 billion in Assets Under Management (AUM), where he oversaw the successful merger and integration of Sunsuper and QSuper.

Prior to this he worked in various senior roles in global asset management, both in Australia and offshore, with over 24 years at State Street Global Advisors, including Executive Vice President and Global Head of Strategy, Executive Vice President and Head of Asia Pacific, overseeing State Street’s Asia business and doubling of AUM in the region to US$325 billion.

Perpetual Chairman, Tony D’Aloisio said, “Following an extensive global executive search process, headed by our Deputy Chairman and Board sub-committee, the Board is delighted to appoint Bernard to lead Perpetual as it completes the sale of Corporate Trust and Wealth Management (the Transaction) and then transitions to a single purpose asset management business. Bernard has a deep understanding of global asset management, as well as strong operational experience and oversight of complex M&A transactions.

“He has a proven track record of leading successful multi-regional teams as well as implementing complex programs of change, including overseeing operational efficiency programs.

“Having started his career in portfolio management, Bernard has extensive first-hand experience in managing client monies and a strong understanding of the challenges facing the asset management sector. As an experienced leader and business builder, Bernard has earnt the respect of the market and we’re pleased he will bring his talents to Perpetual.”

Incoming CEO, Mr Reilly said, “Perpetual has been through a period of significant change which has brought scale and diversification to asset management. I have a deeply held belief in the power of active funds management, and our responsibility as a fiduciary. The firm has a history steeped in developing and retaining outstanding investment talent and a deep commitment to long term value creation for its clients. I am excited by the opportunities ahead to further develop and foster that talent and take the firm’s legacy into the next phase.”

Mr Reilly will commence at Perpetual on 2 September 2024. Mr Adams will continue in his current role until then and will present Perpetual’s FY24 Results with CFO, Chris Green, on 29 August 2024. There will be a formal transition from Mr Adams to Mr Reilly and from 1 October 2024, Mr Adams will move to gardening leave and remain fully available to the Board and Mr Reilly for ongoing transition support up to the completion of the Transaction.

“Rob has been a committed leader of Perpetual since joining in 2018 at a pivotal time. He has led and implemented a transformational strategy which has strengthened Corporate Trust and Wealth Management and provided solid foundations for the growth of the Asset Management business over time. Among his achievements, Mr Adams led the organisation through the uncertainty of COVID-19. The Board thanks Rob for his many contributions and dedication to Perpetual,” Mr D’Aloisio said.

A summary of the terms of Mr Reilly’s employment agreement is attached. Mr Adams’ departure terms are in-line with his contract and will be set out in the FY24 Remuneration Report.