Mark Smith appointed Group Executive Perpetual Private

May 21, 2012 (PRLEAP.COM) Business News
May 21, 2012 - Perpetual Limited announced today the appointment of Mark Smith as Group Executive for Perpetual Private, the division that includes the Private Client, Fiduciary, Fordham and Philanthropy businesses.

Perpetual Private currently has $8.1 billion in funds under advice[1].

Perpetual CEO Geoff Lloyd said: "Perpetual Private remains an important growth engine for the Group and requires someone of Mark's considerable experience to lead the team. I am delighted that Mark is joining Perpetual at this pivotal point in the Group's 125 year history. For many generations Perpetual has advised financially successful Australians on their personal and philanthropic endeavours, helping them realise their wealth goals. Mark understands that maintaining Perpetual's indisputable reputation and fiduciary focus in the most cost effective manner is key to the division's future growth and success."

During Mark Smith's impressive 19 year career with wealth manager BT, he has successfully led teams in the areas of sales, distribution and operations across many products lines, including life insurance, funds management and the wrap business.

During Mark's most recent role as General Manager Bank Distribution and Insurance, he led the successful strategy to cross-sell BT Financial Group's advice, superannuation and insurance solutions to the customers of the Westpac Group. Mark has also held the roles of Head of BT Life & WBC Insurance, and CEO BT Funds Management (NZ) Ltd in Auckland.

Until Geoff Lloyd was appointed CEO in February this year, he was the Group Executive of Perpetual Private and Head of Retail Distribution. Nick Langton who has been in an acting capacity in both roles since Geoff's appointment, and will continue until Mark commences later in the year, will revert to being General Manager of Private Clients. "Nick continues to be an important member of the Executive Committee and of the broader leadership team. His significant contribution, particularly within Perpetual Private, continues to be a crucial component of Perpetual's transformational agenda," said Geoff.

As announced at the first half 2012 results in February, Perpetual intends to reveal the outcomes of the strategy refinement and operating review process within the next few months.

About Perpetual

Perpetual is an independent financial services group operating in funds management, financial advisory and trustee services. Our origin as a trustee company, coupled with our strong track record of investment performance, has created our reputation as one of the strongest brands in financial services in Australia.

[1] Funds under advice as at 31 December 2011