Perpetual makes changes as Pendal acquisition drags on NPAT

Perpetual has announced key changes to its executive committee at the same time as reporting a 42% decline in net profit after tax to $59 million and a 26% reduction in dividend.

The company said the lower NPAT reflection transaction and integration costs related to its acquisition of Pendal.

It said operating revenue was $1,013.8 million – representing an increase of 32% and reflecting the five and half month contribution of Pendal.

Perpetual’s executive committee changes encompass the current regional asset management businesses coming together to form one global division led by a new-created Chief Executive Asset Management with Rob Adams assuming the dual role of Perpetual Group chief executive and Chief executive of Asset Management.

It also encompasses a global head of Asset Strategy which will be temporarily filled by Graham Kitchen, currently chairman of Trillium and Perpetual corporate entities in the United Kingdom.

The announcement said Amanda Gillespie would continue to lead asset management in Australia and Adam Quaife would continue to lead global distribution, but both would move from the Group Executive Committee to become members of the global asset management leadership team.

Adams said the changes would enable Perpetual to have improved focus on its global asset management business and successful execution of strategy while simplifying the leadership structure.