Aust Unity set to name new MD
Australian Unityacting managing director Murray Campbell has confirmed a new group managing director is due to be appointed in the next few days, following on from the appointment of Jon Linehan yesterday as head of funds management.
The previous managing director Mark Sibree resigned at the end of May and Campbell says the structure put in place after Sibree’s departure, involving group secretary Simon Grant and finance manger Anthony Connon, will remain after the appointment of the new managing director.
“Simon and Anthony will continue their overseeing role of the major Australian Unity business units,” he says.
“The new managing director will concentrate on the strategic direction of the company and we believe this presents a flatter management structure at the top.”
Linehan’s appointment follows on from his role as chief executive of the Host-Plus superannuation fund. The role of head of funds management fell vacant earlier this year when the previous head of funds management Craig Dunstan was moved into strategic planning at the friendly society.
Since then the role of head of funds management has changed, with responsibility for property investment being passed to general manager property Tory Richards.
Campbell says Linehan will be responsible for all the unit trust business of the friendly.
“This will include the development and promotion of our unit trust business while also providing the back-office support for the property investments, although Tory will be responsible for property acquisition and selling the investment products,” Campbell says.
“With Jon’s significant industry experience, impressive track record and proven ability to grow funds under management, we look forward to him driving the business through the next stage of development and growth.”
Funds management will still control distribution of investment products to external advisers, with national distribution manager Colin Owens reporting to Linehan.
Australian Unity now has $1.7 billion of funds under management.
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.
