Perpetual splits distribution teams
Perpetual has announced it is creating a strategic account division separate to its regular distribution team to allow senior staff to service the head offices of the largest distributors.
This team will be in place by February 2012, along with a separate team to continue to service the wider financial community, according to a statement.
Perpetual said the changes are aimed at enhancing the group's focus on key clients and decision-makers in the retail funds market, including research and ratings houses.
New chief executive Chris Ryan came on board in January this year, and following a review of the business acknowledged the company needed to address the challenges it was facing in terms of distribution to target client segments.
Perpetual's group executive private wealth and head of retail distribution Geoff Lloyd said that by being more specific about key players Perpetual would be able to create deeper relationships and provide better service.
"We aim to continue to deliver an end-to-end capability for retail distribution, but with a narrower, higher impact focus. This will also allow us to extend this capability to a truly national footprint," he said.
"Consolidation of the market for investment products into institutionalised groups, with a centralisation of the investments decision function, has been an industry feature in recent years, and the ability to promote product to these decision-makers is a key driver of growth for asset managers."
In August Perpetual ceased in-house manufacture of its international share funds in Ireland and outsourced the function to Boston-based specialist Wellington Management Company. It also sold out of Smartsuper, its self-managed super funds administration business.
Then in October the group announced it would be outsourcing portfolio and fiduciary administration services for private wealth clients to Macquarie Investment Management, a development Lloyd said was part of a move to increase focus on high net worth clients and build scale.
Ryan said the new business model and structure of Perpetual's retail distribution function are an example of the group's greater focus on opportunities for growth. "It allows us to develop a more efficient way of servicing clients and improve our competitive position," Ryan said.
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