Former Advance boss returns to industry

Former Advance Asset Management boss Stephen Lam has re-emerged more than a year after leaving the St George group, accepting a newly created chief investment officer role at Suncorp Investment Management (SIM).

The job will see Lam direct SIM’s funds management and research teams, taking on responsibility for process refinements and future product design.

According to SIM’s Sydney-based business development manager, John Hamer, the creation of a separate chief investment officer role will allow general manager, Maurice Kluge, to relinquish those responsibilities.

“It’s an opportunity for Maurice to step back from the day-to-day investment issues and concentrate on business issues and administration, which is important as the business grows larger,” Hamer said.

It was a change in focus on the part of St George which prompted Lam’s departure from that group in the first place.

He was shunted aside from the top spot at Advance Asset Management, replaced by former Sealcorp marketing director Kate Mulligan, as the bank dropped in-house manufacturing in favour of outsourcing funds management expertise.

Lam briefly ran St George’s new Investment Centre of Excellence (ICE), but was unsuited to the new outsourcing culture.

Lam will work from SIM’s Brisbane head office in his new role, and according to Hamer has spent this week house hunting in the Queensland capital. He could not be reached ahead of today’s newsletter being sent.