HFA founder ends association with group
HFA founder, chair and non-executive director Spencer Young will resign his roles with the group to focus on personal commitments, ending a 15-year involvement with the business.
The announcement, released to the Australian Stock Exchange late yesterday afternoon, said Young had advised the HFA Holdings board that he would be resigning from his duties as the group also looks to appoint additional US-based independent non-executive directors.
Young started HFA in 1999. He was its first chief executive and has been an executive director for 13 years and non-executive chair for the past two years.
"I look at the future prospects of the business as it stands today, and in particular the foundation it has with its operations in the United States, and I consider that this is an appropriate time for me to step back," Young said in the statement.
The addition of US-based board members follows the growth of the HFA Holdings business in the United States and is part of a review of the board's structure aimed at reflecting its presence in Australia and the USA.
HFA stated it would "search to identify appropriate candidates to fill at least one board seat, and will seek to identify a candidate with valuable experience in the hedge fund space in the United States".
HFA independent non-executive director Michael Shepherd will take on the role of acting chair, having been a member of the board for the past four years.
AUTHOR
Jason Spits
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
