AllianceBernstein sees departure of Australian MD
AllianceBernstein (AB) has confirmed the departure of Brad Karp, who has served as managing director, Australia client group, since 2001.
Prior to this, he was a business manager for Australian equities and alternative investments with AXA and also served as an associate director for fixed income sales at Deutsche Bank in South Africa.
In a statement to Money Management, AB confirmed Karp has decided to leave to pursue new opportunities.
Announcing the news on LinkedIn, Karp explained it was “time for a new chapter” after almost 24 years in the role.
“I will take time to patiently figure out what next, play more golf, and explore all and any opportunities I can uncover, both within and outside of the funds management industry,” he stated.
“I don’t know where this journey might lead me, but I do know this feels like the right decision at this stage in my career.
“Over many years at AB I’ve had the privilege to work with some of the smartest and most caring colleagues and clients, and for that I’ll be forever grateful.”
With the move, Jeremy Browne, who has been with the firm since 2015 as managing director, will continue at the helm.
“Jeremy Browne will continue to lead our institutional business in the region, supported by an experienced team of client service and consultant relations professionals based in Sydney and Melbourne,” AB stated.
Earlier this year, the firm also announced its chief investment officer Roy Maslen is set to step down at the end of 2024, with Hamish FitzSimons to serve as co-CIO alongside Maslen until his departure.
According to AB, Maslen and FitzSimons have worked together since 2008, and the changes will be “formalising the role that FitzSimons has played for many years, supporting the management of all strategies on AB’s Australian equity platform”.
“Hamish has been preparing to take over the reins from Roy for the past five years. I am confident we have the right people and structure in place, and under Hamish’s leadership, AB is well-placed to continue to offer differentiated and competitive strategies to our clients,” said AB global head of equities, Nelson Yu.
AUTHOR
Rhea Nath
Recommended for you
Funds under management at Magellan Financial Group were unchanged in October as the firm launched its first two funds with Vinva Investment Management.
Reflecting Australia’s love of property, Perpetual’s head of fixed income Vivek Prabhu believes Australian residential mortgage-backed securities are emerging as a high-quality asset to include in client portfolios.
Janus Henderson has detailed how advisers can utilise these fixed income offerings to help clients achieve financial stability.
The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day.
