Evidentia Private appoints private wealth principal
Evidentia Private has appointed Haydn Scott as principal for private wealth solutions.
Based in Melbourne, he will focus on the firm’s tailored asset consulting service and private market solutions.
Prior to joining Evidentia, he was the senior vice president at US asset manager PIMCO where he spent 10 years in its global wealth management team.
He has 24 years of experience in financial services, having previously worked as director of sales at Legg Mason, senior business development manager at Fidante, and in business development at Macquarie Investment Management.
Evidentia said: “Haydn will be responsible for relationships with key clients and leading financial advice firms in Victoria, Tasmania and South Australia, demonstrating our commitment to and ongoing investments in these markets.
“His appointment continues our focus on attracting the best professionals in the industry to continually enhance our offering and ensure our partner firms receive the highest level of support.”
Commenting on his appointment on LinkedIn, Scott said: “With the wealth landscape in Australia undergoing a generational shift, the time was right to take the next step.
“The growth trajectory of Evidentia speaks for itself and I’m elated to be joining such a high calibre group of people at an exciting time for the business – looking forward to the journey ahead!”
Evidentia Private builds and manages managed account portfolios for Australia’s private wealth firms and has $13 billion in funds under management.
Money Management recently covered how managed accounts are becoming a pivotal part of wealth managers and financial advisers’ portfolios as a way to improve their efficiency, and how firms are banking on this trend for their future growth.
In the recent results seasons, Generation Development Group (which owns Evidentia), Drummond Capital Partners, Income Asset Management, and Centrepoint Alliance all stated managed accounts are a focus for them.
GDG, in particular, said it expects managed accounts to grow at 15 per cent per annum to $474 billion by 2030, a forecast that the firm has since reaffirmed and raised to 17 per cent per annum.
Research released by Praemium last month revealed that three in five advisers (62 per cent) are now using managed accounts, citing key efficiency gains among users that saw a third (35 per cent) able to take on more clients as a result.
Namely, advisers utilising managed accounts reported considerable time savings, with some 25 per cent able to reclaim more than seven hours a week on portfolio management activities, and a further 28 per cent saying they saved four to six hours through operational efficiency gains due to their use of managed accounts.
AUTHOR
Laura Dew
Recommended for you
Greater consistency across the ASIC adviser exam has helped boost the number of first-time candidates this year with many opting to sit before undertaking a Professional Year.
Financial advice practice Eureka Whittaker Macnaught is in the process of acquiring three firms to boost its annual revenue to $25 million.
AMP has partnered with Dimensional Fund Advisors and SouthPeak IM to launch a suite of investment solutions aimed at expanding retail access to traditionally institutional funds.
The Financial Advice Association Australia has appealed to licensees to urgently update their FAR records as hundreds of advisers are set to depart by the end of the year.
