Perpetual to lose 25 in group merger
Perpetualhas moved to combine its personal financial services and investment (excluding asset management) divisions into a new single entity under one management structure.
The new division - Perpetaul Wealth Management - will be headed up by Perpetual Investments group executive, Gerard Doherty, a role which will see him expanding his responsibilities to include personal financial services.
The Perpetual Investments asset management team will be unaffected by the restructure and will continue to report to the group’s chief investment officer Emilio Gonzalez.
The move is expected to result in a net reduction of 25 positions and the achievement of pre-tax cost savings for the 2005 financial year of approximately $5 million.
Perpetual managing director David Deverall says the decision will combine the strengths of the Perpetual Investments and Personal Financial Services teams to achieve efficiency and service gains, as well as enhancing the range of products and services it offers to clients and a reduction in operating costs.
Deverall says the Perpetual Investments and Perpetual Private Clients brands and businesses will continue to be run separately.
The move follows the commencement last week by formerMacquarie Funds Management(MFM) head of distribution Fiona Dunn and head of institutional sales Matt Perrignon into the positions of general manager wholesale and head of institutional sales respectively with Perpetual Investments.
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