By Craig Phillips
Skandia has appointed former BT senior executive Richard Borysiewicz as its new head of distribution, with the group now set to focus on enhancing its product range to include growth pensions, retirement income offerings and local versions of its existing international products.
Borysiewicz joins from Principal Global Investors on July 19 and replaces Charles Magro, who Money Management recently reported would move into a new role as head of strategy and product following the creation of a ‘strategy’ division to direct the group’s new focus.
Borysiewicz joined BTFinancial Group in 2001 as executive vice-president institutional business, and was later appointed managing director institutional sales and marketing for the portion of the BT business Principal did not sell to Westpac Bank — namely, its $3 billion listed property, currency and global fixed interest business.
Prior to Principal, Borysiewicz, who resigned on June 24 and departs on July 13, spent nine years with Rothschild Australia Asset Management — six of these as head of retail sales and the latter three as head of institutional sales.
Meanwhile Magro, in his new role, says he will focus on the potential benefit to the group in developing growth pensions and retirement income strategies.
The refocus, according to Magro, is not a reaction to increased competition in the space Skandia currently operates in.
“The company is happy with the sales it’s getting, but felt somebody needed to be looking beyond this to take advantage of any opportunities that are out there,” Magro says.
