Thomas vacates FlexiPlan driver seat
FlexiPlan managing director Sue Thomas has sold her 20 per cent stake in the business to MLC and stepped down as managing director.
Thomas, who was the main driver in the development of the highly successful master trust, will remain with FlexiPlan in a consultancy role.
She will be replaced by Garry Mulcahy. Mulcahy is a senior manager in MLC's funds management division and is project director of the recently released MasterKey service. The rest of the senior management at FlexiPlan will remain.
MLC bought a third of the group nearly three years ago when it had about $250 million in funds under administration. It then acquired a further third late in 1997, and just under 10 per cent in November last year. With the last 20 per cent stake, it will own 96 per cent of the group. The remaining 4 per cent is owned by senior staff and a director.
FlexiPlan recorded the third highest fund inflows in a recent Morningstar survey of master trusts to the end of March, with just under $166 million pouring into its coffers. It has $1.4 billion in funds under administration.
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