Advance loses Gamerov
Advance Asset Management, the specialist investment arm of St George Bank, is on the lookout for a new senior executive after head of investment solutions Steve Gamerov parted company with the organisation last Friday.
Commenting on the departure, Asgard Wealth Solutions director, sales and distribution Wayne Wilson said: “Steve just took the view that the work that he had done at St George was complete in terms of establishing a strong team and a strong process, and getting the top quartile performance that process was meant to deliver, and it was time in his life to look for a new challenge.”
He admitted Gamerov’s decision to leave Advance was an unexpected development, but denied it was prompted by the restructuring that the organisation had gone through in recent months.
“He was very aware of the fact that St George is very committed to pushing Advance forward and that it’s a strong part of our stable. I think this is more a personal decision for Steve to challenge himself in a new arena,” Wilson explained.
The restructuring of Advance began in August last year with the departure of then managing director Kate Mulligan, followed by the exit of head of technical Matt Esler along with nine others in early December.
Wilson said the search for a replacement was already underway.
“We’ve already had discussions with some internal candidates and we are also exercising a search for an appropriate replacement externally,” he said.
Senior investment strategist with Advance, Felix Stephen, will take over Gamerov’s responsibilities in the interim period.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
