Gunning to take the helm at Ord Minnett

The former general manager of Commonwealth Financial Planning (CFP), Tim Gunning, will be the new chief executive of IOOF Holdings-owned Ord Minnett from October 1 this year.

The announcement follows the surprise news of Gunning’s departure from CFP yesterday, where Gunning has resided for six years as part of the executive team.

A spokesperson for Colonial First State confirmed yesterday that Gunning had resigned as head and that an acting general manager, David Mackay, had already been put in place. Mackay, CFP’s national manager, is to assume the general manager’s responsibilities until a permanent appointment is made.

Ord Minnett, a specialist financial services provider that provides full-service stockbroking, financial planning and funds management, amongst other services, announced this morning that Gunning would take the helm, with current chief executive and managing director Karl Morris set to become executive chairman.

Gunning will manage the private wealth, portfolio services, funds management and corporate finance businesses in what Morris referred to as a growing business. Morris said Gunning’s experience made him an “ideal fit” for Ord Minnett, which is seeing continued diversification of its revenue streams.

On his appointment, Gunning said Morris has left Ord Minnett “very well-positioned for growth” despite challenging markets.

Gunning further noted that management of talent is “key” to building a good business, “therefore developing an innovate employee value proposition will be key to ensuring that Ord Minnett will continue to retain and attract the best talent in the Australian broking market”.