IOOF names Brown as head of retail funds

IOOFhas appointedINGhead of funds management distribution, Jarrod Brown, as its new general manager for retail funds management.

Brown takes over the role vacated by Richard Nunn after he moved toColonial First Statein July to take on the position of distribution general manager in July.

The move follows a restructuring at ING three months ago in which Brown moved from being head of funds management markets to the distribution position.

As part of this shift Brown was responsible for the distribution of the ING administration platform and investment products across multiple channel but had the asset management part of his role removed.

However Brown stresses these moves had no impact on his decision to take on the role at IOOF but rather it was a “tremendous opportunity with large potential”.

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“This role covers marketing, distribution and dealing with advisers in a group that is set for a $40 million capital raising and planned acquisitions. I have had a very good run at ING and we will part on good terms,” Brown says.

Brown will shift from Sydney to Melbourne to take on the new role from November 13 with IOOF indicating his appointment was a key step in the lead up to the group’s listing later this year.

IOOF group managing director Rob Turner says it approached Brown because he was regarded as holding a successful track record in financial services.

Turner also says it comes on the heels of the group’s recent results which shows the group to have funds under management and administration of some $12 billion and an after-tax profit of $34 million for the 12 months to 30 June 2003, up from $16 million in the previous 12 months.