The biggest fund manager moves of 1Q25

With Q1 of the 2025 calendar year coming to a close, the Australian funds management industry has seen a range of major appointments and departures.

Money Management takes a look at some of the most notable people moves in funds management for the first quarter of the year.

This includes a significant investment team shake-up at Platinum, Milford Asset Management hiring a new CEO, and departures at PIMCO and Magellan.

January

The month kicked off with GAM Investments hiring a new business development manager (BDM) Malcolm Kazal to further serve its wholesale clients across Australia. This followed the appointment of its Australian managing director last November, Eric Finnell.

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Former Pendal head of multi-asset Michael Blayney was appointed as a member of the investment committee at Evidentia Group. The firm was later acquired by Generation Development Group, creating a managed account provider with over $25 billion in funds under management.

Towards the end of January, Milford Asset Management welcomed a new Auckland-based CEO Blair Turnbull to replace Mark Ryland, who departed after 11 years.

The month ended with Magellan announcing a raft of management changes, which included the departure of head of investments Gerald Stack after 18 years. Stack also led the firm’s global listed infrastructure team, including its $1.5 billion Magellan Infrastructure Fund.

February

In the second month of the quarter, Anthony Doyle joined Schroders as its investment director for global equities. Prior to this, he spent nearly three years at Firetrail Investments as its head of investment strategy, where he also managed the investment and product specialist team. The move was brief however as he has since joined Pinnacle as its chief investment strategist.

Merlon Capital Partners confirmed a series of changes to its business, adding Julian McCormack as a portfolio manager for engagement and Kirit Hira as a portfolio manager and analyst. It also established an advisory board with three experienced individuals: Andrew Mohl, Brad Soller, and Vicky Binns.

Later that month, Payton Capital appointed Michael Golinelli as its newly created head of credit to its ranks, representing a key step in its growth strategy as it builds out its private credit platform.

PIMCO also confirmed the upcoming departure of its local managing director, head of Australia, and co-head of Asia-Pacific portfolio management, Rob Mead. Sam Watkins, executive vice-president and head of PIMCO’s business in Australia and New Zealand, will take on the head of Australia role.

March

One of the most major funds management people moves of the quarter was at Platinum Asset Management, after it announced co-chief investment officers Andrew Clifford and Clay Smolinski would be stepping down from their roles. Clifford will assume an investment mentorship role as part of the investment oversight group, while Smolinski is to take a “leave of absence for six months” after almost two decades at the business.

Also in March, David Hansen joined the ETF provider Global X as a senior BDM based in Melbourne, where he is responsible for managing key advice relationships in Victoria.

It was confirmed that IML senior portfolio manager Simon Conn would be departing the fund manager at the end of June after 27 years. Conn was one of the firm’s founding members in 1998 and has led the firm’s small and mid-cap portfolios during his tenure.