Insignia Financial shakes up asset management model
Insignia Financial has announced the completion of the next stage of its asset management integration, developing a simplified model with two distinct investment streams.
The firm also announced MLC chief investment officer, Jonathan Armitage, would be leaving the business.
The first investment stream combined the management of diversified multi-asset strategies under a sole chief investment officer, Dan Farmer. The second would separate out directly-managed single asset class strategies under Jason Komadina, general manager for direct capabilities and specialist investment services.
The wealth management firm said the new model integrated similar investment teams while also enabling focus on each investment capability.
Garry Mulcahy, chief asset management officer of Insignia Financial, said: “We have retained exceptional talent and deep expertise within our investment teams, providing continuity for clients and key stakeholders.
“We have taken the time to deeply understand the combined investment capabilities. One year on from MLC joining Insignia Financial, we are bringing together the IOOF and MLC investment teams.
“The first investment stream brings our diversified multi-asset portfolios under a single CIO, allowing for dedicated focus on multi-asset strategies. The second stream separates out directly managed single asset class strategies of Antares Equities, Antares Fixed Income, and Property, and couples that with our managed account capabilities and specialist investment services.
“These changes will provide clear accountabilities, governance, and alignment around investment outcomes.
Mulcahy said Insignia was delighted to announce Farmer as CIO.
“Dan is a seasoned investment professional with over 30 years’ experience in investment markets and has been CIO at IOOF since 2017. He will be responsible for overseeing the investment management team and the performance they deliver to our clients.”
He said Armitage would be leaving the business to pursue the next stage of his career.
“We would like to thank him for his commitment and invaluable contribution over the past 11 years, helping to build a great team whilst delivering strong investment outcomes for our clients. Jonathan’s focus on attracting and developing investment talent has put us in a very strong position to develop and grow our business.”
AUTHOR
Liam Cormican
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
