Perpetual sets up €16m staff share plan

The executives of Perpetual Trustees Australia's Irish-based global equities business will benefit from a share plan worth €16 million, according to the Sydney-based company.

Perpetual has poached a team of senior fund managers - Mr Des O'Sullivan, Mr John Nolan, Mr John Forde and Mr Richard Kelly - from Bank of Ireland Asset Management (BIAM) to front the operation, which will manage €1.3 billion in assets. Two Australian executives and 16 staff will join the four men.

Perpetual's statement announcing its move to Dublin said that the company intended to establish a €16 million share plan for the benefit of the employees of the Irish-based operation.

"Initially, the four members of the global equities team will participate in the plan as part of their long-term remuneration incentives," the statement said.

Reports yesterday said that payments from the share plan would be made over seven years, depending on whether the operation met its revenue targets.

Perpetual chose Dublin after an eight-month search.