POWERED BY MOMENTUM MEDIA
Former ART CEO announces new executive role
Bernard Reilly, former CEO of $300 billion Australian Retirement Trust has been appointed CEO of Perpetual, effective 2 September.
He takes the reins from Rob Adams, who announced in May he would retire from his role as group CEO and managing director, having held the role since September 2018.
Adams has also been the CEO of asset management following a company reshuffle last year that saw its asset management businesses form one global division and create a simplified leadership structure.
At the time, Perpetual said Adams would retire following a period of orderly transition upon completion of the KKR deal that will see KKR acquire the firm’s corporate trust and wealth management businesses.
The sale is subject to a Perpetual shareholder vote and the board unanimously recommends this in the absence of a superior proposal.
Shareholders are expected to receive cash proceeds and will retain their ownership in the firm under its new structure as an asset manager with $227 billion in assets under management.
Adams will move to gardening leave from 1 October and remain fully available to the board and Reilly for ongoing transition support up to the completion of the transaction.
Reilly served as CEO of ART for two years and exited the fund in February 2024.
Prior to this, he worked at State Street Global Advisors (SSGA) for 24 years.
Perpetual chairman Tony D’Aloisio highlighted Reilly’s experience in leading change programs, particularly around the merger of QSuper and Sunsuper into ART.
“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,” D’Aloisio said.
“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.”
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.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The fund has announced new additions to its trustee board.
Brighter Super has confirmed an executive search is underway to succeed its long-serving chief financial officer Garnett Hollier.
The research house has hired an experienced product specialist for its Australasian team.
An experienced communications specialist is joining the industry group in a newly created role.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
36.43 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
35.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
