Macoun leaves as Perennial moves to stand alone

IOOF chief executive officer chairman business development manager

5 September 2003
| By Anonymous (not verified) |

Perennial Investment Partnershas moved to cut the apron strings from founding shareholder, IOOF, with the latter’s executives stepping down as board directors clearing the way for greater representation of Perennial senior executives and a higher level of management equity.

Perennial’s inaugural managing director, Ian Macoun will depart as part of the shake-up which also involves a capital injection on the part of IOOF to “enhance business flexibility” and the flagging of an eventual move to 50 per cent management control of Perennial Value Management by its own employees.

Macoun’s role will be split between current business development manager, Anthony Patterson who will become group chief executive officer and join the board and the head of operations, Lewis Bearman, who will also carry the chief executive officer title and be in charge of finance, IT, investment infrastructure and operations.

Perennial’s chairman and founding shareholder, Mike Crivelli says the changes represent the next step in Perennial’s development and are a reflection of the group’s financial independence.

“Four years ago we were financially dependent on IOOF, but now we are a stronger, profitable and a more diversified group,” he says.

“The cornerstone of Perennial’s success has been the way in which the company has been structured, with senior executives having a true vested interest in the business through significant equity ownership earned through investment performance,” Crivelli says.

He adds that Perennial and IOOF have concluded a greater level of independence of the business will enhance the existing operation in the next phase of Perennial’s development.

IOOF chairman, Ray Schoer says Perennial has proven to be a great investment for his group and is pleased to see it move to the next phase of development.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 23 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 3 hours ago