New broom at Sovereign
THE TWO people who founded Sovereign Assurance in 1981, Ian Hendry and Chris Coon, have announced their retirements from the company. Both men plan to leave at the end of the year.
ASB Group has appointed Simon Swanson as managing director designate of Sovereign. He is currently managing director of Commonwealth Bank’s financial services subsidiary in Fiji, Colonial. He will take up his new position in October.
Mike Walsh, who is currently group general manager, financial services and planning at ASB, will take over Swanson’s role in Fiji.
Hendry and Coon say the time is right to leave Sovereign as the company has successfully integrated its operations with Colonial and it is on a new growth path.
Hendry says it is the “right time for me to leave Sovereign and for a successor to take up the role of leading the company.”
“When Sovereign became part of ASB Group in 1998 I made the commitment to lead the company through the integration process. I felt two years would be about right to achieve the amalgamation.”
He says he delayed his resignation last year when Colonial became part of ASB Group and was consolidated into Sovereign.
“Sovereign is at the start of a new growth phase as a financial services company, and it is a good time for the next generation of leaders to be given their opportunity,” Hendry says.
Hendry has no future business plans, however Coon will become a consultant to Sovereign.
AUTHOR
Stuart Engel
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
