Bernard Reilly will join Australian investment fund group Perpetual as chief executive officer, a spokesperson confirmed.
He starts in the role on Sept. 2, succeeding Rob Adams who will move to gardening leave on Oct. 1 after a period of transition, the firm said in an Australian Securities Exchange announcement on Aug. 21. The firm had earlier announced that Adams would be retiring.
Reilly was most recently CEO of the A$300 billion ($197.1 billion) Australian Retirement Trust, Brisbane, and was previously with State Street Global Advisors for 24 years where he oversaw the firm’s Asia business and the doubling of AUM to $325 billion.
ART announced in September 2023 that Reilly would leave the super fund in February and appointed David Anderson from Mercer as his successor.
Reilly joins Perpetual as the firm sells its corporate trust and wealth management business to KKR & Co. to focus on asset management, the announcement said. Perpetual has around A$200 billion in assets under management.
“Perpetual has been through a period of significant change which has brought scale and diversification to asset management. I have a deeply held belief in the power of active funds management,” Reilly said in the announcement.
