New distribution head for Advance

Multi-boutique manager Advance Asset Management has a new head of distribution with Craig Mowll joining from St George margin lending following the resignation of Tom Kneen.

Kneen had filled the position since May 2003, assisting managing director Kate Mulligan in restructuring and revitalising the company, and boosting funds under management from $3.2 billion in 2003 to current levels of around $6.45 billion.

Kneen said he felt Advance was now in good shape and had decided to take a break before deciding what he would pursue next.

“There are some great opportunities, maybe to take a promising boutique to market or something like a general management position in an established funds management business that wants to revitalise themselves or reposition themselves in the market for growth. That’s the sort of thing I like doing. I think I do it pretty well and that’s where I want to be going forward,” he said.

Mowll started in his new role on Monday this week and will lead the 16-strong distribution team.

He has more than 18 years experience in the financial services industry, including time spent working as a financial planner. Mowll’s most recent role was head of distribution for St George margin lending.

Advance managing director Kate Mulligan said Mowll’s key responsibilities would entail: “Delivering a quality product mix to his adviser clients, making sure it’s tailored to each adviser, and focusing on adviser servicing and retention.”

She said Mowll’s strengths included strategic thinking and customising the client product mix.

“Advisers’ practices are incredibly diverse and it’s definitely not a one size fits all, so that process of really listening to the adviser describing the business and having an organic understanding of it is just so important in being able to service advisers properly,” Mulligan said.