MLC reshuffles wealth management team
National Australia Bank (NAB) has reshuffled its wealth management team into a new executive committee following the announcement that its nabInvest, MLC and NAB Private and Institutional Wealth (PIW) divisions would merge into a single wealth management division in the company, MLC and NAB Wealth.
The former executive general manager of PIW, Andrew Hagger, has been appointed the executive general manager, insurance, for the division. He will also become an executive director of the company’s national wealth management holdings and MLC boards.
The chief executive of nabInvest, Garry Mulcahy, will take on the role of executive general manager, asset management. He will be also be responsible for MLC's investment management division and its manager of managers investment capability.
Michael Clancy, the former general manager of MLC's investment management division, will be the executive general manager for the division’s investment platforms.
Angela Mentis will continue to run the NAB private wealth business and will also take on the NAB Family office.
Paul Carter, the former managing director of Plum Financial Services, has been appointed general manager of business operations and strategy. He will have responsibility for technology, people and organisational development, central operations, and business efficiency and legal.
The former general manager of strategy and marketing, Scott Hartley, will become the managing director of Plum and the general manager of corporate and institutional wealth.
An executive general manager of advice and marketing has yet to be appointed. The role will have responsibility for NAB Financial Planning, MLC sales, and MLC marketing.
Recommended for you
Clime Investment Management has welcomed an independent director to its board, which follows a series of recent appointments at the company.
Ethical investment manager Australian Ethical has cited the ongoing challenging market environment for its modest decrease in assets over the latest quarter.
Commentators have said Australian fund managers are less knowledgeable compared with overseas peers when it comes to expanding their range with ETFs and underestimating the competition from passive strategies.
VanEck is to list two ETFs on the ASX next week, one investing in residential mortgage-backed securities and the other in Indian companies.
