Wealth Management News

Wealth Management News

CBA Loses Private Banking Head

Posted by Anton Murray Consulting on . Posted in News

IFA

The head of the bank’s private banking business, and former head of its advice arm, will step down following the conclusion of an organisational restructure. Marianne Perkovic will depart CBA following a decision to combine the private banking business with its retail banking services division. Investor Daily understands other members of the Commonwealth Private leadership will remain in their roles to ensure continuity for clients.

“We can confirm that Marianne Perkovic will be leaving her position as [executive general manager] of Commonwealth Private, and will finish up with CBA in October,” a spokesperson told ifa sister title Investor Daily. “Marianne has been with CBA for more than 10 years, and been at the helm of Commonwealth Private since 2016. “She has been instrumental in driving multiple improvements within the business to make it simpler and better for our private clients, and will leave it in a strong position when she leaves CBA later this year.”

The rest of this article can be found at ifa.com.au.

Major institution announces new wealth chair

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

A big four bank has appointed a new chair of its wealth business as it seeks to separate the business from its core banking offering. In a statement, NAB said it had appointed Robert Coombe as non-executive chairman of National Wealth Management Services Limited, the head company of the MLC Wealth business. NAB chairman Philip Chronican said the appointment of Mr Coombe would be the first in a series of appointments of independent board members to the wealth business as NAB sought to establish MLC as its own separate entity from the bank.

“Rob has the right leadership skills and experience for MLC as it separates from NAB at a critical time for the wealth management sector and its clients,” Mr Chronican said. “He has extensive relevant experience in wealth management and financial services including superannuation, asset management, retail and private banking and financial advice businesses. MLC is well progressed in its plans to reshape, restore and renew its business and this appointment represents another important milestone in its establishment as a standalone business with strong corporate governance.”

The rest of this article can be found at investordaily.com.au.

Aus fintechs team up to launch investment platform

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

Three fintechs have joined forces to develop a wealth platform for the Australian market, with a former Citi banker having signed on as its chief. The new platform, Stropro, has been launched with backing from Seed Space, an early-stage venture capitalist. Stropro has leveraged partnerships with anti-money laundering compliance tool provider bronID, registry services provider Automic Group and technology solutions vendor eNoah iSolution.

Stropo has marketed itself as Australia’s first dedicated network for structured products. Ex-Citi banker Anto Joseph has taken the role of fronting the platform, as its chief executive. Mr Joseph said the fintech set a goal in early 2019 to deliver an end-to-end digital experience for structured product investors. “After working in investment banking for many years, we saw a huge gap in the market for structured products to be accessed by wholesale investors, SMSFs and the wealth professionals who advise them,” he said.

The rest of this article can be found at investordaily.com.au.

Wealth Veteran Returns to Industry Body

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The new deputy CEO of a finance sector association is an industry veteran and has joined the body from one of the big four banks. Blake Briggs will serve as the new deputy chief executive of the Financial Services Council. “Blake joins at a challenging time for the financial services sector, which is at the forefront of delivering much-needed services to Australians as we all work together to help mitigate the economic consequences of the COVID-19 crisis,” said FSC chairman Geoff Lloyd.

Mr Briggs has spent the last two years as head of government affairs for wealth at Westpac. Prior to that, he was the FSC’s senior policy manager for superannuation, and has also worked for the Department of Workplace Relations NSW. “I am delighted to welcome Blake back to the FSC in this senior role,” said FSC CEO Sally Loane. “His depth of experience in financial services policy and government relations will strengthen the FSC’s excellent policy team both now during the current period and into the future.” Mr Briggs starts with the FSC in May.

The rest of this article can be found at investordaily.com.au.

Global investment manager appoints new Australia CEO

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

One of the world’s largest investment managers has appointed an industry veteran as CEO of its Australia business. David Bryant, currently CEO of Wealth & Capital Markets and chief investment officer at Australian Unity, will serve as Mercer’s Pacific Zone Leader and Australia CEO. “Given his 28 years of experience across the financial services industry, David Bryant is the right person to lead Mercer forward in the Pacific,” said David Anderson, President for Mercer’s International Region.

The rest of this article can be found at investordaily.com.au.

Iress nabs blockchain platform

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

Iress has acquired blockchain communication platform firm BC Gateways, with plans to expand the data sharing technology across the wealth sector. BC Gateways called its network the world’s first whole-of-industry blockchain platform for financial services when it launched last year. The Gateway platform has aimed to allow data to be published and distributed with a “shared source,” joining workflows between multiple parties, rather than having it be “distributed and disconnected”.

So far, BC Gateways has had an initial focus on helping Australian financial institutions share large volumes of pricing, tax and regulatory data across the investment management value chain. Iress chief executive Andrew Walsh said the two platform providers are looking to meet demand from financial institutions for cost-effective, automated and compliant technology to share data.

The rest of this article can be found at investordaily.com.au.

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