Mayday - revolving door is spinning
May is quickly emerging as the month of the revolving door, as a num-ber of senior executives in the funds management industry take leave of their high profile positions.
May is quickly emerging as the month of the revolving door, as a num-ber of senior executives in the funds management industry take leave of their high profile positions.
In what could be the start of the end-of-the-financial-year musical chairs, Colonial First State has restructured its marketing opera-tions and its high profile head of marketing Peter Hutley has de-parted.
Colonial First State chief executive officer Chris Cuffe says that as a result of the restructure of the former Legal & General and Pruden-tial funds management operations, the discrete marketing division of First State will now be absorbed into business development and inves-tor services.
Hutley joined Colonial just over two years ago after being executive director of Investment Funds Association (IFA) before it merged with a number of associations to become the Investment and Financial Serv-ices Association (IFSA).
In another major move, Norwich technical services general manger Alan Tawse has left the group and taken up the top job at RACV Financial Services. Tawse, who left Norwich last week, replaces Phil Turnbull at RACV who has left to work in New Zealand.
A Norwich spokesman says Tawse left the company "on an amicable ba-sis". The company is now going to review operations in the technical services area, which includes support for advisers and product devel-opment. Tawse is due to start at RACVFS next month.
There has also been a string of high profile departures at Westpac Investment Management (WIM). Head of Australian equities John Murray resigned unexpectedly last week just weeks after the departure of WIM deputy managing director Ian Knox who left to head up St George sub-sidiary Sealcorp.
The two departures at WIM follow the appointment of former Common-wealth Financial Services chief investment officer Shaun Mays who was appointed as head of wholesale financial services earlier this year.
End of year shuffle p11
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