Former State Street strategy head joins NAB AM
NAB Asset Management has announced that former State Street Global Adviser head of strategy, Bernard Reilly, will join the leadership team.
Reilly has been appointed to the newly created position of chief operating officer, and will provide direction on strategic and operational initiatives.
NAB Asset Management executive general manager, Garry Mulcahy, welcomed Reilly's appointment, noting the former State Street executive's 24-year experience.
"Throughout his career Bernard has focused on driving and implementing effective business strategy, and we look forward to benefiting from his broad global experience and insights," Mulcahy said.
Speaking of his appointment Reilly said: "The NAB Asset Management team already has a significant footprint in the Australia funds management industry through its investment management and asset consulting capabilities, and I'm looking forward to helping the business take the next step in its evolution."
Recommended for you
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.
A potential acquisition of Platinum Asset Management by Regal Partners will be beneficial for the “challenged” fund manager, believes Morningstar, but it has warned fund management mergers don’t always run smoothly.
Fund managers made a “big shift” into bond-sensitive sectors like utilities in September and away from cyclicals, while risk appetite is at an 11-month low.
Ahead of the RBA’s upcoming monetary policy meeting next week, BlackRock Australasia has reaffirmed the market’s view that rate cuts are likely out of the picture for 2024.