JBWere restructure shuts-out senior exec

By Craig Phillips

GoldmanSachs JBWere has realigned its marketing division as part of a move by the group to focus more on product and trade promotion rather than advertising the recently merged business itself.

The shift triggered the departure last week of the firm’s head of marketing John Harte, with the six-staff marketing team now moving to sit within the group’s retail division and reporting to head of retail Gordon Thoms.

Harte says his departure was fuelled by a change in product positioning strategy that no longer warranted a senior marketing executive to steer the team.

“Goldman Sachs JBWere doesn’t see a need for strategic marketing any more as it is moving more towards trade and tactical marketing, and thereby promoting the group through distribution partners rather than advertising.”

Harte had been with JBWere for two years and preceded the group merging its local operations with Goldman Sachs early last year.

Previously he worked for SchroderInvestment Management in the UK and prior to that as a marketing executive with confectionary group Mars Incorporated.

Earlier this year, the group — which has around $5.8 billion in funds under management and around 100 staff — flagged a change of strategy that would see it channel its efforts into offering distinctive funds to the Australian market.

“It’s a change of strategy for us in that we’re not trying to compete with every fund manager and be all things to all people. We’re trying to position ourselves in areas where we feel we have a distinctive advantage,” Thoms said at the time.