2013 was another eventful year for the financial services industry. In its annual top 5 feature, Money Management looks at some of the most memorable moments of the last 12 months.
- Biggest events of 2013
- Top 5 wins
- Top 5 fails
- Top 5 moves of 2013
- Top 5 policy issues
- Top 5 acquisitions of 2013
Paul Barrett leaves ANZ
ANZ’s Global Wealth division underwent an executive reshuffle earlier this year, with its managing director of advice and distribution Paul Barrett leaving the group after two and a half years in the job.
His colleague, Neil Younger, who headed practice-based financial planning within the group, replaced him.
In his new role as general manager advice and open market channels, Younger continues to look after dealer groups SRI Advice, millenium3 and Financial Services Partners.
The announcement came just days after ANZ Global Wealth created a brand new role for Kerri Thompson of bancassurance and customer experience.
Barrett moved to ANZ in 2011 from Colonial First State where he was general manager of advice.
ANZ then announced Younger, who reported to Barrett, would also move to ANZ after a brief stint as general manager of Commonwealth Financial Planning.
Craig Meller new AMP CEO
Six years after joining AMP as it chief executive officer, Craig Dunn will retire in January 2014.
Taking his place will be Craig Meller, who has been leading the AMP’s financial services division since 2007.
AMP reported net profit of $393 million for the first half of 2013, up 5.4 per cent from 2012.
Meller and Dunn have been working together to achieve a smooth transition to the new leadership.
AMP Chairman Peter Mason said Dunn was leaving AMP in a strong position for his successor after steering the company through the global financial crisis and regulatory changes.
He added Meller had led AMP’s largest business unit during a period of regulatory and industry change, while technology had been changing customer behaviour.
Fidelity appoints new Australian head
Fidelity Worldwide Investments appointed Michael Bargholz managing director for Australia in June after its previous CEO Gerard Doherty departed the company.
Bargholz joined Fidelity in February as senior investment director after a long career with AllianceBernstein, where he was chief executive and managing director, Australia and New Zealand.
Fidelity managing director of Asia ex-Japan Mark Talbot took direct management responsibility for the Australian business until a replacement country head was appointed.
Talbot said the Sydney-based investment management function led by Paul Taylor would remain the same and has a separate reporting line to the chief investment officer of Asia Pacific.
Steve Tucker departs MLC
National Australia Bank (NAB) announced a number of management changes earlier this year, a key one being the departure of Steve Tucker as head of MLC.
NAB chief executive Cameron Clyne said the departure was a mutual decision.
“It was time for a change and a natural process of giving a fresh perspective on a business,” Clyne said.
Tucker left NAB after 25 years.
NAB also announced Andrew Hagger would take over as group executive of NAB Wealth on the back of Tucker’s departure.
Clyne added the bank was making a more aggressive push into the self-managed super fund market.
New CEO for PIS
Professional Investment Services (PIS) went through major changes in the last year and a half, including the departure of its general manager Grahame Evans and the resignation of many senior executives within the dealer group.
Its chief executive, Peter Walther, stepped down after 18 months with the company, in what was a surprise resignation.
This came only days after chief executive officer of PIS’ parent group Centrepoint Alliance Tony Robinson announced his resignation.
Former TAL executive John De Zwart replaced Robinson. He then stepped in as interim PIS CEO and worked closely with Walther during the transition.
The company announced a total restructure and many cost-cutting measures, including the scrapping of many state manager roles.