In a statement to the ASX, the firm said the management changes and changes to the executive committee would drive efficiencies.

Asset Management will have strong regional oversight and will retain Australian-based and international leadership.

However, distribution will transition to an international and domestic model as international leadership consolidates.

As a result, the firm has appointed Craig Squires as executive director of transition services and James McNevin as chief operating officer (COO).

Squires is currently chief operating officer, but the new role will see him responsible for all transition-related services that fall under the transition services agreement with KKR in connection with the scheme of arrangement.

Replacing him as COO, McNevin will join Perpetual from State Street Global Advisors (SSGA), where he was head of the Asia Pacific region. At Perpetual, he will be responsible for technology and operating platforms, data management, change management and strategic supplier partnerships, and following the successful completion of the KKR transaction.

Meanwhile, chief risk and sustainability officer Sam Moss will leave the business in 2025. and will hand it over to Alan Lo Proto, who will be appointed Chief Risk Officer and has been with Perpetual since 2010.

There will be no changes to the corporate trust's wealth management and executive roles or management team structures.

Chief executive and managing director Bernard Riley said: "These changes are a first step in positioning Perpetual to become more efficient and a standalone, global, multi-boutique asset management business following the successful completion of the acquisition of Wealth Management and corporate trust from KKR.

“We are evolving our leadership model with an emphasis on relevant asset management expertise, clearer lines of accountability, flexibility and faster decision-making in service to our clients. We plan over time to keep our core group functions small and maintain regional support where it helps our business grow or has clear advantages of scale.”