Perpetual has overhauled its retail distribution arm as part of a strategic review flagged earlier this year by chief executive Chris Ryan.
“We have recognised that Perpetual can do more in terms of its product distribution capability, and we have the necessary scale and depth of talent to respond to that challenge,” Ryan said in a statement.
“Perpetual’s independence gives it the flexibility to respond to market growth opportunities and strategically develop products and services catering to evolving needs. We are doing this not only via the ongoing development of new investment products, but also by further exploring improvements and opportunities within our current product set.
“The new business model and structure of our retail distribution function are an example of our greater focus on opportunities for growth. It allows us to develop a more efficient way of servicing clients and improve our competitive position.”
The funds management group said the restructuring, set to take effect in February, was aimed at sharpening 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.
Senior staff focus on head offices of the biggest distributors, presumably institutions, through a strategic account division being set up as part of the revamp, Perpetual said.
“A separate team will continue to support the wider financial planning community through a nationwide state presence,” the company said.
Lloyd said the group would continue to distribute the current range of Perpetual Investments products.
“But we have to recognise the nature of our operating environment and be flexible and adaptable enough to grow,” he said.
It was unclear whether the team would expand or contract as a result of the restructuring, and Perpetual had not responded to requests for comment at the time of InvestorDaily‘s publishing deadline.
The group is grappling with uncertainty over the return from extended leave of key fund manager John Sevior.
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.
