Macquarie taps former FSI exec to lead investment strategy
Multi-asset portfolio manager Andrew Harman has been named head of investment strategy and asset allocation at Macquarie Wealth Management.
He joins the investment bank after more than 16 years at First Sentier Investors (FSI), where he most recently served as head of multi-asset solutions.
Harman first joined FSI as an investment analyst in 2008. He was promoted to assistant portfolio manager, multi-asset solutions, in 2010 and went on to become portfolio manager in 2012.
He spent several years as a senior portfolio manager for multi-asset solutions, working in both Sydney and London, and was eventually appointed co-head of multi-asset solutions in March 2023.
Harman worked alongside co-head of multi-asset solutions Kej Somaia, prior to Somaia’s departure from FSI in September last year.
Somaia had been with the firm for 17 years, having joined FSI, then known as Colonial First State Global Asset Management, as a portfolio manager for global investment solutions in 2006.
It is understood the multi-asset business at FSI subsequently closed in late 2023.
Earlier this year, FSI also announced the closure of four investment teams, namely Australian Fixed Income, Global Credit, Equity Income and Emerging Companies. These teams encompassed 10 funds combined, affecting $14 billion in assets under management.
Some 30 investment professionals were affected by these changes, and “a small number” of them are understood to have been redeployed to other roles within the business.
AUTHOR
Rhea Nath
Recommended for you
AFCA has confirmed its chief operating officer, Justin Untersteiner, will be departing the organisation in March to take up a CEO role.
Minister for Financial Services, Stephen Jones, has announced he will be retiring at the upcoming federal election.
Culture clashes and differing management styles are among the reasons why, recruiters tell Money Management, they see employees changing jobs post-M&A activity.
Iress has announced it will divest its superannuation business as the latest step in its transformation program, allowing it to focus on wealth management.
