JBWere chief departs amid NAB restructure
Maria Lykouras is set to exit JBWere after more than two years as chief executive.
Wealth manager JBWere manages around $49.6 billion in funds under management, with over $60 billion in assets under advice.
According to Michael Saadie, head of NAB Private Wealth, the bank’s operations are “evolving to ensure we’re delivering the best experience for our high-net-worth clients”.
With the restructure, it is understood there will be realignment of roles and teams within the Private Wealth division, and Lykouras has decided not to pursue further opportunities within the NAB Group.
Lykouras had joined the firm in 2022 after over a decade at Commonwealth Bank, including two years as general manager for advice at Commonwealth Private.
Prior to this, she spent a year and a half at BT Financial Group as head of risk, super, platforms and investments. Lykouras also held roles at Count Financial, ipac, and Citibank.
“Maria Lykouras has played an important role in the growth of JBWere,” said Saadie.
“She has delivered significant process improvements to enhance our clients’ service experiences and led key research initiatives. I want to thank Maria for her commitment and leadership of the JBWere business and we wish her well.”
NAB initially acquired an 80 per cent shareholding in the 185-year-old brand JBWere in 2009 and has owned 100 per cent since 2016.
Lykouras is the second female chief executive to depart in the last few months as Clime Investment Management announced in July that group chief executive Annick Donat would be stepping down.
She initially joined Clime in 2020 as the former CEO of Madison Financial Group, which was later sold to licensee Infocus in a $2 million deal, and was appointed CEO the following year in April 2021.
“After four fulfilling years with Clime, I have made the decision to step down as group CEO. Throughout this time, we have navigated an evolving market landscape, and I am proud of the resilience and dedication our team has shown,” she said at the time.
Earlier this month, another major bank saw changes to its private wealth arm, with Commonwealth Bank announcing the sale of its personal advice business. Managing over $5 billion in client assets, the business was acquired by LGT Crestone for an undisclosed amount.
At the time, the bank explained the decision “reflects the evolving needs of high-net-worth clients and aligns with our strategy to focus on expanding our private banking services and deliver the best long-term outcomes for them”.
AUTHOR
Rhea Nath
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