More departures at St George as Knox leaves Sealcorp
Sealcorpchief executive Ian Knox has stepped down from the job after more than four years in charge, extending a string of departures from St George owned businesses.
St George released the news of Knox’s departure late yesterday afternoon and says the move was by mutual agreement.
But it leaves Sealcorp without a replacement for Knox with recruitment group Korn/Ferry International appointed to search for his successor.
Knox’s departure is the latest in a series from the Sealcorp group. In April Sealcorp marketing director Kate Mulligan moved into the role ofAdvance Funds Managementmanaging director and Stephen Lam, who held that role, moved to head the Investment Centre of Excellence (ICE)
Sealcorp’s head of technical services Tim Gunning moved to the Commonwealth Bank as general manager for network financial planning while head of independent adviser sales Paul Robertson went toAXAto head up its dealer group.
On theAssirtside the head of the research house Caroline Saunders has taken on the role of head of manager research and alliances atChallenger Financial Services. This was followed last week by head of distribution and product Rebecca Jacques moving toVertex Capital Managementas an associate director and associate director Anthony Serhan joiningMorningstaras head of consulting after leaving Assirt late last year.
The bank has also had its own departures with the head of wealth management Richard Cawsey leaving in March last year. At the time Knox filled the role in an acting capacity but was not offered the role permanently, rather Paul Fegan was appointed from the National Australia Bank.
Ironically Fegan will temporarily act as chief executive of Sealcorp until a replacement is found for Knox.
These departures have been framed by extensive restructuring in the Assirt and Advance businesses which saw the creation of ICE.
Under this model, steered by head of investments and insurance Nick Basile, the St George investment management team and Advance investment staff will work in the ICE structure which will also cover the ratings, research, and market research functions of Assirt.
At the same time Sealcorp will merge its two dealer groups,SecuritorandPact, into a single group and Advance has relaunched its brand to grow relationships with financial planners.
Knox joined the St George group in 1999 as chief executive of Sealcorp, which was purchased by the bank in 1997, and has yet to formally announce his new place of employment or his role but is reported to be looking at the development of a new financial planning advice model.
AUTHOR
Jason Spits
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