Advance restructure sees Mulligan depart
St George Group has surprised the market by announcing changes to the structure of its wealth management and retail financial services division, resulting in the departure of Advance Asset Management managing director, Kate Mulligan.
Mulligan, who had been managing director since 2003, oversaw a period of substantial growth at Advance, with funds under management growing from $3 billion to reach more than $7 billion this year, and the inclusion of Advance’s products on leading wraps such as BT, Macquarie and Asgard after tying-up Mellon and Michael Triguboff’s MIR to exclusive retail distribution deals last year.
The restructure follows the appointment of St George Bank general manager, investments and insurance, Nick Basile, to whom Mulligan reported, to the role of chief executive officer of Ascalon Capital Managers Limited.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
