Dutton signs on as ipac looks offshore

Former GIO Asset Management chief executive Mark Dutton has been named chief investment officer of ipac securities.

Former GIO Asset Management chief executive Mark Dutton has been named chief investment officer of ipac securities.

Ipac executive director Arun Abey says the role heading up the 18 strong invest-ment team was previously shared by himself and executive director Neil Cox.

“He (Dutton) is not replacing anybody. The appointment of such a senior industry executive follows senior appointments in human resources and marketing which will act as a platform for growth over the next five years,” Abey says.

Dutton’s appointment follows the recent resignation of two members of the ipac investment team, James Tsiolis and Peter Dedes, who resigned to set up a funds management venture.

Dutton, who ended his 20 year career with GIO Asset Management two months ago on completion of integration with AMP Asset Management, had been presid-ing over $10 billion under management at GIO. Ipac has about $5 billion under management.

Dutton started at GIO Asset Management as an investment analyst and held posi-tions of head of fixed interest, head of Australian equities and head of investments before taking the top job in 1993.

Abey says ipac will leverage Dutton’s experience with GIO’s expansion in Asia to work with ipac’s international partners.

He says ipac is in the early stages of forming alliances with financial services op-erations in both Japan and the UK. Abey will visit both countries in the next few months to continue that process.

These alliances will build on ipac’s joint ventures in Taiwan and South Africa.

“We don’t have the resources of the bigger companies to set up our own senior teams in other countries but will aim to form joint ventures with companies that have operational expertise on their own soil. We aim to be the biggest exporter of intellectual property,” Abey says.