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
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