UBS wealth COO heads over to Ord Minnett
Ord Minnett has looked to competitor UBS to replace its outgoing chief operating officer (COO), who departs after 15 years in the C-suite role.
The Australian wealth management group confirmed the appointment of Simon Beavis as its new operating chief, who brings “impressive experience” to his new position, the firm stated.
Beavis previously served as the wealth management COO at both Credit Suisse and UBS most recently.
“I am pleased we have appointed Simon Beavis as our new chief operating officer,” commented Karl Morris, chief executive and managing director at Ord Minnett.
“He brings a result-focused, personable management style, which I am confident will help lead Ords’ operations into this next chapter.”
Beavis’ appointment follows the exit of previous operating chief Philip Chu, who made the decision to retire after 15 years in the executive role at Ords.
The incoming COO will work with Chu over the coming weeks as he transitions into the Sydney-based position, the company stated, where he will ensure the ongoing smooth operations of the Ords.
With corporate origins dating back to 1872, the Australian wealth management giant has grown to $67.8 billion in funds under advice (FUA) and approximately 270 advisers, as of 31 December 2024.
Earlier in March this year, Ord Minnett welcomed nine senior financial advisers to its ranks, including six who jumped ship from Perpetual Private.
Namely, the financial advice and investment services firm confirmed Malissa Tobias, Mark Heffernan, Shiva Vemula, Daniel Swallow, Andrew Epplett and Oscar Howard had joined its Melbourne office. The six advisers made the move from Perpetual Private, where they all spent approximately five years at the company.
Ord Minnett also appointed Chris Flynn and Charles Buxton to its Sydney office, who both joined from FIIG Securities, alongside three private wealth assistants.
Speaking to Money Management in the same month, Ord Minnett’s head of private wealth, Frank Hegerty, said the firm’s growth ambitions are to increase its adviser numbers by nearly 50 per cent to 400 and reach an FUA target of $100 billion over the coming years.
“We’re unashamedly in a growth mode. Karl makes no secret in saying we are looking to grow the firm, because we do have the resources and the infrastructure in place to welcome more advisers, and equally, then to be able to serve more clients,” Hegerty explained.
Its expansion plans will be achieved by organically recruiting existing advisers and training up new advisers, the head of private wealth said, as well as considering potential M&A opportunities in the market.
With 14 established offices – comprising 13 throughout Australia and one in Hong Kong – Ord Minnett’s 15th office recently opened in Noosa to bring additional wealth management services to the area.
AUTHOR
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