Perpetual names replacement for outgoing CEO

Bernard Reilly, former chief executive of $300 billion super fund Australian Retirement Trust (ART), has been appointed CEO and managing director of Perpetual, effective 2 September.

He takes over from Rob Adams, who announced in May he would retire from his role as group chief executive and managing director, having held the role since September 2018.

Adams has also been the chief executive 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, which 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 chief executive of ART for two years and exited the fund in February 2024.

Prior to this, he worked at State Street Global Advisors 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.

“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.”