Industry Fund Services' general manager resigns
The general manager of Industry Fund Services (IFS), David Haynes, has confirmed his resignation following a restructure of IFS' parent company, Industry Super Holdings.
The restructure will see the three companies that fall under Industry Super Holdings - IFS, Industry Funds Management (IFM) and Members Equity Bank - separate to form three distinct businesses, Haynes said.
"I think it became increasingly clear that their different business plans required different styles," he said.
This has resulted in a review of the executive management structure of the businesses and Haynes' resignation effective the end of December.
As previously announced, former Deloitte and National Australia Bank executive Kay Thawley will take on the newly-created role of IFS chief executive.
Haynes has been with IFS since 2002 and has held the role of general manager since 2004 in which he had responsibility for financial planning, insurance broking and retail products.
Haynes said he remains very positive about IFS' prospects.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
