Missing in action
ONE of the big stories of 1987 was the departure of Alan McCormack from Bain & Co. McCormack joined the now defunct Pacific Mutual Australia, but no amount of sleuthing on our part has revealed What Alan Did Next.
Also missing in action are Robert Wheeler, Michael Grace and Robert Pierucci, co-founders of the once great advisory group, Wheeler, Grace & Pierucci — although one Robert Pierucci from the Western Australia (WA) Fashion Industry Association is a member of the WA Premier’s Fashion Industry Taskforce and Pierucci is a most uncommon name...
In 1990, investment adviser Michael Veigli infamously said, “I’m not looking forward to 1991. It is going to be the worst year on record for advisers and managers”.
We can’t remember how bad it was for the rest of us, but it was very bad indeed for Veigli who had to put his company, Michael Veigli Investments, up for sale.
And it only got worse — Veigli was ultimately sent to jail for two years for charges relating to working without a registered prospectus.
Also disappearing off the face of financial services in the early 90s was Max Vardenaga. A high-profile industry player, Vardenaga fell foul ofASICfollowing the collapse of the Vardenaga group of companies. ASIC told him in no uncertain terms never to show his face around the industry again and he has wisely disappeared into obscurity.
Royston James, founder of Independent Funds Research (IFR), sold his business toPerpetualin 1991 and was axed only seven months later, never to be heard from again.
TheFinancial Planning Association’s (FPA) main man in 1998, David Butcher, who left only 16 months into his term, has disappeared without a trace, as has Tony Killen who left his position as managing director of National Mutual in 1999.
Also in 1999, American George Trumbull took a $13 million payout for heading up AMP and disappeared from our shores.Money Managementknows exactly where George is and what he is doing and will share details with the highest bidder.
In 1999, afterGodfrey Pembrokewas scooped up by one of the big boys, the grand dame of Pembroke, Judith Towler, more or less retired.
The lastMoney Managementheard of Towler was in 2001 when she was settled in Canberra, intent on taking up a new life as a travel writer.
More recently, Brett Himbury left his position as head of financial planning at Westpac. He popped up briefly atTowerbefore disappearing to the ski fields.
Nobody knows when he will return, but rest assured he will return and when he does you can be sure it will be with a goggle tan.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
