May 10, 2018 / 11:40 PM / 2 years ago

UPDATE 1-Australia's Perpetual appoints Rob Adams as CEO

(Adds background on Adams, inquiry)

May 11 (Reuters) - Australian financial advisor Perpetual Ltd has appointed Rob Adams as its new chief executive and managing director effective from Sept. 24, the company said in a statement on Friday.

The appointment follows Perpetual’s announcement last year that incumbent CEO and Managing Director Geoff Lloyd, who led the company for over five years, would retire at the end of June.

Adams would join Perpetual from British asset management firm Janus Henderson Group PLC, where he served as Pan-Asia boss, the company said.

The move comes at an uncertain time for Australia’s financial sector, which is facing tighter regulation after an ongoing independent inquiry into the sector found widespread misconduct.

Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates

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