Bennelong CEO Brown set to step down
Bennelong Funds Management (BFM) chief executive Jarrod Brown will step down from his role with the boutique manager from tomorrow with his duties to be handled by senior executives in the firm until a replacement is named.
In a short statement released to media BFM stated the search for a new chief executive was already underway with BFM chief financial officer Jeff Phillips and head of distribution Andrew Aitken to jointly handle the chief executive functions in the interim.
Brown took a redundancy at the same time as the retirement of BFM's executive chair Bruce Loveday, who will be replaced by BFM board member Mike Pratt. Pratt will become a non-executive chair which BFM said was a result of a restructure of the leadership of the business following six years of rapid growth.
Loveday will remain with BFM until later in the year and assist Phillips and Aitken during the transition to the appointment of a new chief executive.
Loveday stated that in the six years since the business was formed, BFM had enjoyed significant growth but aksi saw that changes were required if it was "to achieve its full potential over the coming years".
"We are very excited about the potential of our business, and in particular the opportunity to broaden BFM's offer through the acquisition of new teams and by expanding the distribution footprint to capitalise on opportunities domestically and globally. The new leadership structure will enable the business to achieve these ambitions."
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
