Changing of the guard at Hastings
Tim Pooley has stepped into the hot seat at large infrastructure and alternative investment manager Hastings Funds Management, taking over from group founder Mike Fitzpatrick as managing director.
Pooley’s appointment comes as no surprise having been officially ear marked for the position over a year ago in April 2004. The long 16 month transition period was established to ensure a smooth transition and to provide continuity for clients and staff, said chair Sean McElduff.
Established in 1994, Hastings was acquired by Westpac Bank in October 2002. It is one of Australia’s largest infrastructure investment managers, with over $2 billion in funds under management, mostly from large superannuation funds.
Pooley will also act as a director of the Hastings Australian Infrastructure Fund which he established when he first joined the Melbourne-based group in November 1995.
“He was the best person for the job,” said McElduff.
“He’s got a long history with the firm, he’s got the confidence of all stake holders, including the investment community, staff and shareholders and he’s got business acumen and presence to steer the business going forward.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
