In’s and Out’s continue at BT

The recent spate of new faces at BT Funds Management is the current phase in what has been an active revolving door over the past 12 months.

In a significant leadership change announced last week, former AMP Henderson Global Investors director of active equities Marcus Fanning has become BT head of Australian equities, replacing Rohan Hedley who resigned after 13 years with the group.

The creation of two new positions has seen former Westpac Financial Services joint managing director Michael Migro join the BT team as head of business strategy in asset management, and Professor John Okunev who becomes head of investment process and control.

The new additions closely follow the arrival of head of real estate Sandy Calder last month and head of strategic business development Hazel McNeilage earlier this month, and the promotion of former BT Portfolio Services head of wrap product development Sean West to the position of national head of business development,

But BT has also experienced a steady flow through the exit doors in the past 12 months, most recently when former chief investment officer Andre Morony left the group after 14 years in February. He was replaced internally by current CIO Gary Symons, who had been head of real estate for the previous two years.

In September last year, former BT vice president of Australian wholesale business development Martin Franc joined Ausbil Dexia as marketing associate director. A month earlier the former BT vice president of product development, and former tax ombudsman Peter Haggstrom farewelled the group after a two year stint, to head up investment research at Deutsche Bank Private Banking.

Also in August, former BT head of institutional business development Michael Parsons left his position to take on the Invesco chief executive officer role.

A few months earlier former BT head of international business Bruce Bonyhady left the group to join ANZ Funds Management and Insurance as chief investment officer. This move followed on from Steve Newnham's departure as head of the retail distribution business in March after 13 years with BT, to take on the head of distribution role at Zurich Financial Services.

Around the same time Olev Rahn retired from the head of asset allocation role, and took up a position on the BT Board of Directors.

It is now two years since the buyout of BT by US-based funds management group Principal, but a BT Funds Management spokesperson believes this is not linked to the wave of departures.