Perpetual’s new chief executive Bernard Reilly says the fund manager’s biggest shareholders have given him a mandate to cut costs and “fine-tune” the firm’s business model as it prepares for life as a slimmed-down asset manager.

Mr Reilly’s comments are his first since taking over as chief executive six weeks ago from Rob Adams. He is inheriting a much smaller business after Perpetual struck a deal to sell its two most valuable divisions – corporate trust and wealth – to private equity firm KKR.