IOOF reveals new managing director
IOOFhas appointed a new group head following a five month search to replace incumbent managing director Rob Turner, who is scheduled to depart at the expiration of his contract in June.
As of April 19, the recently listed firm will be steered by former New York-based JP Morgan Fleming Asset Management head of Americas Ron Dewhurst.
Australian-born Dewhurst has more than 30 years experience in both domestic and international investment and financial services management.
IOOF chairman Ray Schoer says Dewhurst, with his breadth of experience, “will provide the sort of leadership we are looking for in our new listed environment”.
Last November Schoer responded to moves by a number ofWinchcombe Carsonplanners to have Turner’s contract extended by stating because the listed company will be a fund manager it was “looking for someone with experience in funds management”.
In the face of its December listing on theS&P/ASX200 Index, IOOF announced in October last year that it would not renew the contract of Turner after seven years at the helm of the Melbourne-based group.
Turner, who is yet to announce his post-IOOF plans, will now be involved in the handover of the business to Dewhurst.
Dewhurst’s previous experience also includes heading up businesses for JP Morgan in Asia, Europe and the US covering asset management, securities and investment banking.
Prior to joining JP Morgan in 1993 he was managing director for ANZ McCaughan Securities.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
