Bennelong Group to expand into wealth management
The Bennelong Group, owner of Bennelong Funds Management, will expand into the advisory space after taking a controlling interest in Melbourne-based wealth management and advisory firm Carnbrea & Co.
At the same time, it has also appointed former JB Were executive Fiona Rowland to head its new wealth management business.
Bennelong has stated it plans to build a national wealth management business targeted to high-net-worth clients and will grow the business from its single practice base via acquisition and adviser recruitment.
The new business operations, to be head by Rowland, will be developed and run separately from the group's funds management and private equity businesses, with the acquisition of Carnbrea the first part of a growth strategy that will see it also offer advice for not-for-profit organisations.
Rowland will join Bennelong later this month and will also lead the activities of the Bennelong Group's philanthropic arm, the Bennelong Foundation, and has previously worked with JB Were as head of product and with UBS as head of investment product management and strategy.
Bennelong Group chief executive Chris Cunningham said Rowland's appointment and experience were invaluable as Bennelong launched its new wealth management and advisory strategy.
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