Providence Wealth looks internally for CIO
Providence Wealth Advisory Group has internally appointed a new chief investment officer (CIO).
The national investment advisory group – which has offices in Sydney, Melbourne, and Adelaide – has welcomed Marcus Wait to take on the role of CIO.
Wait has spent nearly six years at Providence Wealth as an investment committee member and more recently as head of investment strategy since October 2022.
“Having served on our investment committee and as head of investment strategy for the past five years, Marc is well-prepared to guide our firm’s investment strategy and deliver exceptional value to our clients,” the firm said.
He brings more than three decades of global investment experience to the new position, including five years spent as head of treasury at Abu Dhabi Investment Authority and over six years at Fidelity International in its fixed income division.
Moreover, he began his financial services career at HSBC and Citi in various portfolio management roles.
This is a new dedicated role as it was previously carried out by Grant Patterson for the past five years in addition to his CEO responsibilities. Providence Wealth said Patterson will continue to play a pivotal role as chair of the investment committee and provide guidance during the transitionary period.
Commenting on his own appointment, Wait said: “I am passionate about driving outstanding investment outcomes for our clients on a risk-adjusted basis. As CIO, I am committed to protecting and preserving our clients’ capital over the long term and continuing to bring innovative investment opportunities to their portfolios.
“I look forward to working closely with Grant, our talented investment team, and our experienced investment committee to achieve the best outcomes for our clients.”
Providence Wealth was founded in 2000 and has more than $1.5 billion in funds under management, servicing a select group of high-net-worth individuals, families, and not-for-profits.
The company’s Adelaide-based business, Providence Wealth South Australia, recently promoted its associate director Thyra Wilton to the position of director in July.
Wilton was a co-founder of the South Australian business when it first launched in 2022, alongside Tony Michaels, director and principal at Providence Wealth SA. She played a significant role in establishing the practice, leading investment strategies, managing client relationships, and increasing revenue by 25 per cent year on year.
As a director, Wilton has taken on additional responsibilities in steering the future direction of Providence Wealth SA, together with Michaels. This includes contributing to the strategic planning and governance of the business. Moreover, she took a seat on the Providence Wealth SA board.
AUTHOR
Jasmine Siljic
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