Former Macquarie exec heads to E-Trade
FormerMacquarie Financial Services Groupexecutive director Brett Spork will take on the position of chief executive with E-Trade, taking over the role from Michael Deleray who vacates the post in June this year.
Deleray, who has been the chief executive since July 2000, announced last year that he would not renew his contract which ended in June 2003, sparking an executive search for his replacement.
Spork will start with E-Trade this month as part of a three month transition between the two executives and enters the business after it reported a turn around in profit for the six months to December 31, posting figures of $324,068, compared with a loss of $8.3 million for the previous corresponding period.
The group also boosted customer accounts to over 110,000 and customer assets under administration to $3.4 billion, an increase of 15.4 per cent since June 30, 2002.
E-Trade suffered a small drop of 2.54 per cent in gross revenue to $8.9 million but boosted cash reserves by $300,000 to $13.3 million at the end of December.
It also renewed a three year contract with the ANZ group, which brought in nearly 40,000 of E-Trade’s customer accounts through online banking customers, staff, shareholders and account and card holders.
The news of Spork’s appointment comes on the same day that Macquarie Funds Management has announced that formerCredit Suisse Asset Managementmarketing and client services manager Greg Johnson will join the group as head of client services.
Johnson will report to Macquarie Funds Management division director Fiona Dunn, and makes the move after four years with CSAM and prior roles withDeutsche Funds Management.
AUTHOR
Jason Spits
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