A restructuring at Perpetual has so far led to changes to three roles, including that of general manager of retail sales Matthew McKinnon.
Just over a month ago, Perpetual announced an overhaul of its retail distribution arm as part of a strategic review flagged in mid-2011 by chief executive Chris Ryan.
“Matt has opted not to apply for any roles in the structure,” a Perpetual spokesman told InvestorDaily.”
The spokesman said others also elected to leave Perpetual but details were only being divulged internally.
“All in all, there are three people who have opted not to apply for new roles.
The restructuring, to take effect in February, aims to sharpen the group’s focus on key clients and decision makers, as well as research and ratings houses.
“Being more specific about the key players will enable us to create deeper relationships and provide better service,” head of retail distribution Geoff Lloyd said when the revamp was announced on 12 December.
Senior staff will focus on head offices of the biggest distributors, presumably institutions, through a strategic account division. In addition, a separate team will support the wider financial planning community through a nationwide state structure.
Perpetual cut 128 jobs last year in a bid to help take $9 million out of its cost base.
The group has also had to deal with uncertainty over fund flows following veteran fund manager John Sevior’s confirmation in mid-December that he would not return to Perpetual.
In addition, fund flows throughout much of the industry are shrinking as a result of market volatility and the robust growth of Australia’s $430 billion self-managed superannuation fund industry.
