Mengler to take on top job at Navigator
Former Colonial marketing manager Marc Mengler is to become the new managing director of Norwich Union's Navigator.
The current managing director, Mat Walker, will be leaving at the end of the year, Mengler has confirmed to Money Management.
Walker has been running Navigator for several years and has lifted the funds under management to $6.1 billion, up $1 billion from the end of last year.
It is understood Walker is looking to establish his own business in the financial services industry and is leaving Norwich on amicable terms.
Mengler says the management team and the 200 staff are staying. His role will be to develop the master fund further and push for greater international expansion.
Navigator has been part of the strategic review undertaken by the new Norwich Union Australia managing director Rob Garnsworth, who is also a recruit from Colonial.
"I have been helping Rob with the review and developing a growth strategy for the company," Mengler says.
"Within that strategy Navigator is a core part of the business growth."
Norwich is spending about $30 million on upgrading Navigator as part of what it calls Project Greenfield. The upgraded Navigator will now be rolled-out in 2001, Mengler says.
The core task of this upgrading project is to integrate Navigator, FPI Desktop, NavLink and Navigator Administration into one system aimed at independent advisers. Mengler confirms the upgrades to Navigator will now be on a continual basis, rather than as a one-off project.
Navigator has been launched internationally in Spain and Italy earlier this year, but it is understood this has not been a success. Mengler says his new role is to grow the international operations of Navigator in new markets.
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