Perpetual Investments has announced changes to its senior ranks and has appointed its general manager, sales, superannuation and investment solutions (SIS), Matt McKinnon, to the role of general manager, Australian equities retail sales.
McKinnon succeeds Paul Sewell, who resigned last month.
Replacing McKinnon as SIS general manager will be Perpetual's senior business development manager, superannuation and investment solutions, Paul Norris.
McKinnon previously held senior sales and product development roles at IOOF, Rothschild Australia Asset Management, Portfolio Partners, Morgan Stanley International and Merrill Lynch in London.
"In the past 18 months, the SIS sales team under [McKinnon's] leadership has developed significant sales momentum across its key products," Perpetual group executive of investments business services, Cathy Doyle, said.
Norris has also previously held the position of senior client services manager at Perpetual.
Prior to this he worked with ING Australia, AMP, Colonial First State and HSBC.
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
A new Roy Morgan report has found retail super funds had the largest increase in customer satisfaction in the last year, but its record-high rating still lags other super categories.
In a sharp rebuke to market expectations, the Reserve Bank held the cash rate steady at 3.85 per cent on Tuesday, defying near-unanimous forecasts of a cut and signalling a more cautious approach to further easing.