New CEO for ANZ Australia
ANZ Australia has a new chief executive, with Philip Chronican to lead the group, which now wholly includes ING’s wealth management operations.
Chronican will report to ANZ chief executive Mike Smith, and replaces Graham Hodges, who has been acting in the role since May. Hodges led the acquisition last week of ING Group’s 51 per cent shareholding in the ING/ANZ wealth management and life insurance joint venture. Hodges will continue as ANZ deputy chief executive.
Chronican will now be responsible for the bank’s wealth management businesses as well as retail and commercial banking units. A statement from ANZ pointed to Chronican’s 27-year career with Westpac, most recently as group executive, Westpac Institutional Bank, a role he left in July this year.
Chronican also acted as chief financial officer for Westpac from 2001 to 2005, as well as holding other senior roles in the retail arm of the bank. He will step into the role, based in Melbourne, in November.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
