Perpetual has hired Bernard Reilly, the former head of the $300 billion industry super fund, Australian Retirement Trust, to take the 138-year-old firm’s “legacy into the next phase” ahead of its break-up.

The appointment brings an end to the near six-year tenure of Rob Adams, which has been defined by controversial acquisitions including the $2 billion purchase of rival fund manager Pendal. That preceded a deal with KKR that will leave the slimmed-down Perpetual investment business looking for a new name.