Boutique moves to Next phase of expansion
Sydney-based specialist investment firm Next Financial has hired two regional distribution executives to take the group's Australian equity, debt and derivative offerings to the external market for the first time.
The group has also opened an office in Victoria, with former Merrill Lynch Investment Management head of distribution Damien McIntyre joining to head up the operation from Melbourne.
Meanwhile, former National Australia Bank wealth management distribution manager Adam Weale has come on board to drive the group's distribution strategy in New South Wales, Queensland and the Australian Capital Territory.
McIntyre will target high-net-worth planning-focused groups in Victoria, South Australia and Western Australia.
Next Financial's core offerings are Individually Managed Accounts (IMAs) and structured products. It has a suite of four IMA model portfolios with around $50 million in funds under management and overall manages close to $500 million on behalf of clients.
"There's been a lot of noise surrounding IMAs, so we thought it would be better to develop the products slowly and build up a track record before taking them to the broader market," group managing director Peter Kennedy says.
"That's really what the appointments are about. So we're now looking to accessing high-net-worth investors through financial planning groups that service that part of the market," he says.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
