Former HUB24 BDM joins Elston distribution team

BDM elston asset management sales hires

25 June 2024
| By Jasmine Siljic |
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Elston Asset Management (EAM) has bolstered its NSW and ACT distribution team with the appointment of a senior business development manager (BDM).

The investment manager has hired Mark Saad as a Sydney-based senior BDM to support the firm’s expanding growth across NSW and ACT.

Saad holds more than a decade of experience in the financial services industry. Prior to joining EAM, he was a BDM at investment platform HUB24 for over five years. Saad also worked in several roles at BT Financial Group for five years, including a BDM position.

Commenting on his appointment, Saad said: “I loved being with HUB24 and growing with them from the early days. Now I’m excited to start a new chapter and be part of a small team who are really positive about the future.

“Elston is a company with an impressive track record and they have a great story to tell about not just their separately managed account (SMA) offering but also their disciplined approach to portfolio management and the quality of their comms.”

As EAM expands across NSW and ACT to meet rising demand, Mark Smith, head of adviser services at EAM, welcomed Saad’s addition to drive further growth in the two states.

The firm is a managed account specialist which recently surpassed more than $7 billion in funds under management. Since EAM was first established in 2011, it has grown to offer Australian equity and multisector investment solutions and works with over 750 financial advisers nationally.

Earlier this week, Money Management explored the evolving adviser-BDM relationship. While the role of a BDM in the fund management space typically focuses on driving revenue growth and lead generation, industry experts have highlighted how these professionals are now adding further value to advice practices.

In particular, the industry shift from larger Australian financial services licensees (AFSLs) to the rise of self-licensing and boutique practices has amplified the demand for practice management guidance. Advisers are increasingly turning to their BDM for support with portfolio construction, financial planning queries and overall growth strategies.

“A good BDM will always consider what they can offer beyond the product. Fund managers are now asking: how do we get better engagement from the advisers using our products? How do we offer more than just an investment product?” said Fabian Ruggieri, director at financial services recruitment firm RIVA Recruitment.

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