Advance aims for new approach

Advance Funds Managementhas appointed ex-INGmanager employer super Sue Mieog as its new head of product, a move which forms part of its strategy to offer differentiated solutions to a market flooded with commoditised offerings.

“We are looking at providing our distribution channels with a differentiated proposition — not a ‘me too’ offering,” Mieog says.

Advance managing director Kate Mulligan says, “In terms of the platform space, we’re not satisfied to simply follow in the footsteps of our competitors. We will be looking both at robust product innovation as well as innovative ways to distribute.”

Prior to her stint with ING, Mieog held a similar role withBTfor several years as the group’s senior product manager.

Mulligan says Mieog’s extensive experience in reviewing and consolidation of highly complex product offerings would benefit Advance.

“Sue has specialist expertise in corporate super, and her overall product knowledge and experience extends to a range of other products,” Mulligan says.

“This is a new role in the organization and part of an overall plan in structuring the management team to provide maximum effectiveness in executing Advance’s strategy,” Mulligan says.

Mieog moved to Advance because of the opportunity to be involved in “taking Advance to the next level in the wealth management space”, she says.

She also has eight years chartered accounting experience as a senior audit and consulting manager specialising in financial services.

Mieog’s appointment follows significant changes to the St George wealth management division, which includes Advance.

The reshuffle saw ex-Sealcorp marketing director Mulligan take on the managing director role earlier this year, with previous managing director Stephen Lam moving to manage the newly formed Investment Centre of Excellence (ICE) at St George, and the appointment of Tom Kneen as head of distribution.

Advance’s investment staff were also moved under the ICE umbrella, which is headed up by St George head of investments and insurance Nick Basile.

At the time, Basile said in future Advance would become a product and distribution house for managed funds sourcing the best investment expertise.