Hagger to chair JBWere
NAB Wealth group executive, Andrew Hagger, has taken another step up within National Australia Bank (NAB), being appointed as chairman of JBWere.
The appointment has been confirmed by NAB chief executive, Andrew Thorburn, who said he believed Hagger's knowledge of the wealth sector would serve the JBWere board well.
The appointment follows on from the bank's recent announcement of the repositioning of its high net worth business within which the JBWere brand is integral.
Commenting on his appointment, Hagger directly reference the new high net worth business model and the banking group's belief that there was a demand for expert wealth management advice amongst in a high net worth market which had remained largely under-serviced.
JBWere is wholly owned by the NAB Group and has recently embarked on a new Australian strategy of non-exclusive research and distribution arrangements, announcing in January a new strategic alliance with investment bank UBS, and, in April, a new strategic research and distribution alliance with investment bank, Moelis Australia.
Earlier this month, NAB announced its new business model for the high net worth market encompassing both JBWere and NAB Private (formally NAB Private Wealth) with the intention that NAB Private becomes a pure private banking proposition for high net worth clients, offering specialised services such as, structured finance. NAB Private will also connect clients to JBWere as the specialist private wealth advisory business.
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