Perpetual has reshuffled its senior management ranks as it prepares for tougher times ahead in asset management.
Perpetual shares fell 6.5 per cent to $23.31.
“I’m absolutely clear in saying that I’m disappointed in the flow profile that we’ve seen here. But the finishing line isn’t in sight yet,” Mr Adams said. Mr Adams described the distribution of equity funds in the United States as a particularly weak market. “It’s well competed, passive flows have been strong over time and more recently, we’ve seen asset allocation shifts as there’s been some de-risking.”absorbing the Pendal business by 2025. About $29 million of those benefits had already been realised.
Mr Adams, who was paid $3.84 million, up from $2.75 million, said his pay would not increase due to the expanded role. Mr Adams’ shareholding in Perpetual is currently below the minimum required threshold for key management personnel, which is calculated as a ratio of 1.5 times fixed pay.
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