Howes to head up KPMG Wealth
Former trade union boss, Paul Howes has been appointed as head of wealth management at KPMG.
Howes, who left his union role as national secretary of the Australian Workers Union in 2014 and was previously head of KPMG’s superannuation practice, was promoted to the new role effective from 1 September.
It will see him overseeing KPMG’s firm-wide services in the wealth space including super, funds management, private equity and retirement products.
He replaces John Teer who will shortly take up a new appointment as Chief Operating Officer for KPMG’s Asia-Pacific region.
Commenting on his appointment, Howes said the Australian wealth management industry was continuing to undergo significant transformation and growth, with our national superannuation savings pool now exceeding $2.3 trillion.
“I believe we are entering a new era in wealth management. The economic outlook is still positive, the sector is growing, and while regulatory change and compliance remains an ongoing issue, the industry’s focus will shift to consolidation and innovation,” he said.
Howes also flagged KPMG’s intention to continue recruiting people into the business and foreshadowed the unveiling of a new suite of client services.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
