Revolving door for Macquarie heads

The head of Macquarie Private Banking, Keiran Netting, has stepped down from the position, the fourth departure from the top spot in the past three years.

Last week, Macquarie announced Netting was stepping down to concentrate on his private clients, making way for the new head of private banking, Guy Hedley.

Netting took the helm in November 2000 after former private banking head, Christine Buckland, resigned after only five months in the position. Earlier in 2000, Andrew Barnes and Tony Bates also departed the group.

Hedley, the former managing director of the BNP Paribas’ equities division, says his addition to the group is a neat fit and he is not at all phased by the number of changes at the top spot within the group.

“There is definitely no reason for investors to worry. Nobody, particularly investors like change. But it is the nature of an organisation that there will be change,” Hedley says.

As part of this move to Macquarie, Hedley has set himself the task of tripling the private banking division. He says at present, the division is a small team, which he wants to broaden out to a size of around 20.

Hedley has been part of the financial services industry for 15 years, having joined JB Were in 1987.

In 1993, he was appointed head of private stockbroking at JB Were, where he was responsible for the development and management of all retail stockbroking, asset management, margin lending and fixed interest.