All change for NAB Wealth Management
National Australia Bank's wealth management division, which includesMLC, has completed a major shake-up of its senior executive ranks.
The reshuffle has seen two executives - Matt Lawler and Geoff Wenborn - elevated into senior management positions, the splitting of at least one portfolio and the reassignment of others.
The objective of the overhaul is to enable a sharpening focus for key portfolios, particularly corporate development.
National Wealth Management executive general manager Peter Scott says the changes were the result of "a timely review of business" and "an opportunity to transfer some of our leaders' skills".
A spokesperson for the group says the changes had not caused any demotions from the senior ranks but, rather, the addition of two new executives to the Wealth Management leadership team.
The clear-cut winners from the exercise are Lawler, who changes from general manager, adviser distribution to chief executive officer, distribution and Wenborn, who becomes chief information officer instead of technology general manager.
Wenborn's promotion sees a splitting of the business systems and corporate development roles, previously overseen by Michelle Tredenick. Tredenick has been appointed chief executive officer, corporate solutions and will also be responsible for the New Zealand operations.
Among the most high profile executives subject to a role change is Geoffrey Summerhayes who changes roles from chief executive officer, retail investments to head of corporate development. His position will be filled by Steve Tucker who was previously the leader of the distribution team.
The former head of the corporate solutions team, Martin Crawford is moving to NAB's Financial Services Australia division.
Scott also announced that following two and a half years leading Wealth Management Europe, Paul Rogan will return form the United Kingdom and take up a new leadership role responsible for all major enterprise programs and processes, while the head of strategy for National Financial Services Europe, Garry Mulcahy, will rejoin Wealth Management as chief executive officer, Wealth Management Europe.
"Following our integration with the National Group, we felt it was timely to review our business and look for opportunities to transfer some of our leaders' skills as well as bringing new ideas to each of the business areas," Scott says.
Recommended for you
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
