Mercer exec quits for Macquarie
Mercer Investment Consulting, bucking the trend against its recent hiring spree, has been forced to restructure its senior ranks following the departure of its national practice leader Christopher Andrews who left to join Macquarie yesterday.
Andrews, who worked with Macquarie between 1988-1992 re-joins the property investment banking team, headed up by Matthew Banks and will be replaced at Mercer by executive director Tony Cole.
Cole previously held the role between 1996-2001 and according to Mercer chief executive Peter Promnitz, Cole will focus on pushing the group’s strategy to continue its consulting activities across superannuation and other institutional investment advisory markets.
“The funds management business that was pioneered by Australia is now a global Mercer business initiative and therefore it is time to constitute this activity separately to give it the management focus that it demands,” Promnitz said.
As part of the reshuffle, Cole will relinquish day-to-day business management of Mercer Wealth Solutions, with current national practice leader David Anderson stepping in to fill this role.
For Mercer, the restructure is part of a series of executive appointments of late, which also includes the appointment of Promnitz to the top job.
Other recent recruitment wins have included former van Eyk head of quantitative research Sidney Chong who was lured to the group last week where he joins Dragana Timitojevic and Rashmi Mehrotra, also formerly of van Eyk.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
