Perpetual has announced the notional appointment of the executive committee that will lead the combined group following the proposed acquisition of Pendal.
While the pair has run into some controversy lately, the acquisition is proceeding according to plan with Perpetual announcing on Wednesday the appointment of an executive committee to lead the combined group.
“Assuming all the key conditions to the transaction are met, including Pendal shareholder approval in December, these changes will take effect from the completion date of the transaction which is targeted for January 2023,” Perpetual said.
The combined group will be led by Perpetual’s chief executive officer and managing director, Rob Adams, the firm confirmed.
“Since the acquisition announcement, we have worked to identify a structure and leadership team with the appropriate capabilities and experience to take the company forward and deliver on our global growth ambitions from day one,” Mr Adams said.
“These appointments will reflect the expansion of our asset management business across key regions globally, supported by a dedicated global head of distribution; the continued importance of Perpetual Private and Perpetual Corporate Trust; and the central functions that are critical to a successful global business.”
Mr Adams explained that the asset management business will be structured across three key regions: Australia, the Americas, Europe, the United Kingdom and Asia.
Amanda Gillespie will lead the asset management business in Australia, David Lane will lead the asset management business for the Americas and Alexandra Altinger will lead the UK, European and Asian asset management business.
Adam Quaife has been named chief distribution officer, Paul Chasemore will join the executive committee as chief people officer and Sam Mosse will take on the broader role of chief risk and sustainability officer.
Meanwhile, Mark Smith will continue to lead Perpetual Private and Richard McCarthy will continue to lead Perpetual Corporate Trust.
They will join CFO Chris Green and chief integration officer Amanda Gazal to complete the new executive committee. Ms Gazal will return to the role of COO once the integration has been completed.
Mr Adams said that the combined group will be better positioned to drive and invest in future growth through the expansion of investment capabilities, while benefiting from the scale associated with a significantly enhanced global operating model, creating value for both Perpetual and Pendal shareholders.
“This highly experienced and committed team will be in place from day one following completion and, with a strong focus on successful integration, will commence planning and finalising an optimal operating model that will drive delivery of the positive outcomes of bringing the two businesses together,” he said.
“These benefits include enhanced scale efficiencies; growth of our global distribution footprint; leadership in ESG and realising expected expense synergy benefits. Importantly, a number of senior Pendal executives will also remain in an advisory capacity for varying periods of time to assist with the early stages of integration.”