A numberof seniorAM Corporationstaff, including managing director Trevor Howell and group general manager Graham Davison, have been made redundant as part of the purchase byIOOF.
Other redundancies from the group include adviser technical services manager Phil La Greca, national manager for information services Paul Medcraft and software services manager Brendan Gallagher.
However, a number of other AM Corp staff have found new roles within the combined IOOF team with Paul Forbes taking on the group’s platform business, Grant Wilson heading up corporate super and Anna Marie Kwan-Emery taking on the role of product and marketing for the group. Emil Blassetti, who previously held that role in IOOF, has also left the group.
The three former AM Corp staff members will report to IOOF retail funds management general manager Richard Nunn.
They will also work alongside head of retail investments Mark Knight, head of dealership services Scott Monotti and head of business development John Hyslop, all of whom were with IOOF before the purchase.
IOOF announced early last week that a number of redundancies had been made but stated some of these were already in place prior to the purchase.
Nunn says IOOF had to move quickly to bed down the front end of the business and says the group picked what it felt were the best people and processes the two groups had to offer.
The total number of retrenchments from the group so far is about 40, but IOOF managing director Rob Turner would not give any indication on the total number of possible redundancies nor any timescale for further departures.
At the time AM Corp was purchased it had 250 staff while IOOF had 280 staff and Turner says the redundancies are the start of the integration process for the two companies.
However, he did point out the majority of the AM Corp retrenchments had been identified by AM management some time ago as market conditions declined and were not directly related to the sale.
Turner says now the purchase is concluded, IOOF will definitely list towards the end of this year stating the delays have put the move off for too long.
“Our members want liquidity for their shares and at present we have about 80,000 of them with shares they can’t trade,” Turner says.
He also says the purchase of AM Corp will boost the value of the group from the expected $150 million to $180 million mark to more than $200 million.
