Prime Financial makes 2 senior hires

prime financial group simon madder growth hires

25 June 2024
| By Laura Dew |
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Prime Financial Group has made two senior appointments of an independent non-executive director and a chief growth officer.

Andrea Slingsby will join the firm from 5 July as an independent non-executive director and has 20 years’ experience across strategic, governance and transformation roles. She has also been chair of multiple remuneration committees, the firm said.

Other executive directors at Prime Financial include Tim Bennett as executive director of capital and corporate advisory, and Matt Murphy as executive director specialising in accounting and business-led advisory.

Separately, it has appointed James Lake as chief growth officer, joining from boutique and project management consultancy IDEE Group. He also spent nine years at KPMG in a variety of senior roles including strategy implementation lead and director of risk assurance defence.

In the Prime Financial role, he will be pursuing new business opportunities and developing and delivering on the group’s strategy. 

Prime Financial chief executive Simon Madder previously signalled the firm’s intention to complete more acquisitions in the funds management space as it equally weighs its organic growth initiatives and external acquisitions.

Madder said: “We are delighted to welcome Andrea and James to the PFG team. Their appointments bring significant experience across governance, assurance and strategic transformation and growth to our business.

“Both Andrea and James will greatly contribute to our strategy of pursuing growth and EPS-accretive acquisitions and as we work towards our goal of doubling revenue from $26 million in FY22 to $50 million in FY25 and then doubling that figure again to $100 million.”

Earlier this month, the firm announced it is in talks about two acquisitions: the first to enter into a binding agreement to acquire 100 per cent of Equity Plan Management (EPM) and the associated business conducted by Remuneration Strategies. 

EPM is a Melbourne-based firm that provides remuneration and employee share plan administration services.
The deal’s total consideration is up to $5.7 million, including an initial consideration of $2.8 million and potential deferred payments of up to $2.9 million over two years.

Prime also announced it has executed a confidential non-binding indicative offer (NBIO) for the acquisition of a Melbourne-based company that offers investment research, portfolio and asset management services.

The potential deal will complement Prime’s existing wealth segment and offer operational, client and capability synergies.
 

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