Both the head of private clients at Perpetual Investments and the head of the Perpetual Foundation have exited the company after a comprehensive corporate restructure.
Following the amalgamation of the wealth management and private clients businesses at Perpetual in September, the roles of Scott Riedel, head of private clients, and Catherine Baldwin, head of the Perpetual Foundation, were made redundant, a spokesperson for Perpetual confirmed.
Both Riedel and Baldwin resigned from the company in the past fortnight.
The group executive for wealth management at Perpetual, John Nesbitt, would take on Riedel’s responsibilities and oversee the private client business, the spokesperson said. Cathy Duncan, general manager of investment and strategic solutions, would manage the private client business in Queensland and NSW while George Haramis, who joined last month from ANZ Private Bank, would be responsible for this business in Victoria, South Australia and Western Australia.
The philanthropic services offered by Perpetual have traditionally been linked with the private clients business. David Knowles, head of philanthropy, and Andrew Thomas, who works with private clients in Queensland, would take responsibility of the research functions undertaken by the Perpetual Foundation, the spokesperson said.
The merging of the wealth and private client businesses took place as Perpetual overhauled its entire corporate structure. This saw the private clients, wealth management and direct investments businesses become the private wealth business, and the formation of a series of divisions: Australian equities, global equities, income and multi-sector, structured products and platforms, operations, corporate trust and business services. The marketing unit at Perpetual, which was allied with the private client business, now spanned the whole company, the spokesperson said.