Advance Funds Management, the funds management arm of the St George banking group, has appointed a new head of distribution, with Tom Kneen starting this week.
Previous head of distribution at Advance, Anthony Jankelow, left the position two weeks ago after almost two years in the role, and is now pursuing other interests.
Kneen most recently worked as head of distribution and acting chief operating officer at master fund operatorStrategic Investments Australia, and was also previously general manager – distribution atAM Corporation.
Advance Funds Management managing director Kate Mulligan says this is a “crucial time for growth” for the group, flagging a mission to grow funds under management to a level which the group feels accurately reflects its product market position.
Mulligan says the group aims to double its funds under management from a current $3.2 billion to $6 billion in the next two to three years, with hopes to rank as one of the “top 10” retail fund managers in Australia.
According to the group, this growth will be facilitated through “building relationships with advisers in the marketplace”, an initiative Kneen will now spearhead.
“It’s really a very adviser focused role,” Mulligan says.
Mulligan also says the group is soon to launch a new advertising campaign, which will focus on what the group says is a history of stability and consistency, qualities which Mulligan says may be perceived as “boring but certainly necessary in this market”.
A statement from the group attributes Kneen with a strong technical background, with a career start at the Department of Social Security and early experience as a technical adviser withAMP.
Kneen’s appointment adds to other recent management shuffles within the group, following the move of Sealcorp marketing director Kate Mulligan into the role of Advance Funds Management managing director and previous managing director Stephen Lam moving to head up the newly formed Investment Centre of Excellence (ICE) at St George.
