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Perpetual welcomes new director to board

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The firm has made a new board appointment following the retirement of a Pendal director.

Global financial services firm Perpetual has announced the appointment of Phil Wagstaff as a non-executive director to its board.

Mr Wagstaff is based in the United Kingdom and has amassed more than 35 years of leadership experience across a range of prominent UK and global asset managers.

Described by Perpetual as a seasoned director and business leader, Mr Wagstaff has served as a senior executive and board member for asset managers including Henderson PLC, Henderson Investment Funds, Gartmore Japan, and M&G Limited.

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He held the role of global head of distribution and was a member of the executive committee at Jupiter Asset Management PLC between 2019 and 2022. Prior to this, he held similar roles at Henderson Global Investors and Janus Henderson Investors.

“We are delighted to welcome a director of Phil’s stature to the Perpetual Group board. His extensive experience in the UK and global asset management industry will complement the board’s current mix of experience and skills,” said Perpetual chairman Tony D’Aloisio.

“In particular, Phil’s deep knowledge, experience, and success in leading and overseeing global distribution teams and strategy will be invaluable to our group as we focus on driving our organic growth globally and deliver the benefits from our recent acquisitions in asset management.”

Perpetual noted that the appointment of Mr Wagstaff, which is effective from 1 November, follows the retirement of Kathryn Matthews, a Pendal director who joined the board following Perpetual’s acquisition of Pendal last year.

The firm recently reported that its assets under management (AUM) held steady over the September quarter, with a “marked improvement” in net flows.

In an update to the ASX last week, Perpetual declared net inflows of $0.1 billion for the September quarter, in contrast to the net outflows of $5.1 billion suffered in the prior quarter.

“The September quarter showed a marked improvement in total net flows across our asset management business when compared to the June quarter,” Perpetual’s chief executive officer and managing director Rob Adams said at the time.

“Delivering positive net inflows despite the current operating environment, with volatility impacting markets and investor confidence globally, demonstrates the quality and diversity of our broad capability set and our emerging strength in distribution.”

Perpetual’s total AUM was $211.7 billion as at 30 September versus $212.1 billion a quarter earlier.

Perpetual welcomes new director to board

The firm has made a new board appointment following the retirement of a Pendal director.

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Jon Bragg

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.

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