Sequoia chair steps down



Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years.
Larsen joined the board as a non-executive director in February 2018 and was subsequently appointed as chair in March 2019.
He will now step down from the chair position but remain on the board as a non-executive director and as chair of the audit committee.
In an ASX statement, the firm said: “We extend our sincere appreciation to John for his dedication and contribution during his five-year tenure.”
Prior to joining the board, Larsen worked at Huntley Investment Company, ING, and Deutsche Bank Australia.
Taking his place as chair will be non-executive director Charles Sweeney, effective from 18 April.
Sweeney has sat on the board as a non-executive director since March 2019 and is currently the chair of the risk and compliance committee and a member of the audit committee.
He has a legal background and is currently a managing partner at Cooper Grace Ward in Brisbane where he has worked for the last 17 years.
In the firm’s most recent financial results, it announced an “abnormally high” net profit after tax (NPAT) of $27.8 million, an increase of more than 4,000 per cent on the previous year.
In its results for the six months to 31 December, the firm attributed the increase to gains on the divestment of 80 per cent of Morrison Securities which it sold to digital wealth management platform New Quantum.
In the prior corresponding period, Sequoia reported NPAT of $0.6 million.
During the six months, it also acquired Castle Corporate Pty and Castle Legal Pty in August and Australian Business Structures Ltd in December and forecast more acquisitions to come.
Revenue was $62.8 million, up 43.7 per cent from a year ago, and some $50.9 million of this came from its licensee services division.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.