Symetry restructures for further growth
Portfolioadministration service providerSymetryhas restructured its operations to prepare for further business growth, including plans for greater platform and equity participation.
The restructure will split the company’s operations into three main areas — finance and operations services, risk management and business development — with each division headed by a general manager.
Symetry chief executive Don Clifton, previously the group’s sole general manager, says: “The main thing is that when you’re a small business, you’re forced to multi-skill, and the sorts of challenges you face aren’t necessarily as daunting as they become when your portfolio grows and funds under management grow.
“It was important that we had people who could focus on specific areas rather than trying to be clever at too many different things,” he says.
The provider is now supported by 20 dealer groups with just under $900 million in funds under management, having grown from eight dealer groups with $250 million under management in 1999.
Steve Flanagan has become general manager finance and operations, with responsibility for client support services and administration and all financial reporting and management systems. Kay Scanlon, who was already responsible for all compliance issues, now becomes general manager of risk management.
Maree Lallensack, most recently head of distribution for Advance Asset Management, has joined Symetry to head the newly created business development area. Identifying development opportunities and strengthening client relationship are key components of this role, according to Clifton.
“Maree has been appointed to find new opportunities to grow the business, to encourage other dealer groups to get involved with what we’re doing, and to ensure that the services we provide dealers meet their expectations, and pay heed to their needs,” he says.
On his move to become chief executive, Clifton says: “My role will be less about the nuts and bolts, and more about the core principle, which is that we run a business that has a purpose of delivering to dealers and advisers a service that does what they want ... and staying true to our roots.”
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