ANZ has announced its managing director of advice and distribution, Paul Barrett, will leave the group as its Global Wealth division undergoes an executive reshuffle.
Barrett, who will depart on 16 September after two and a half years with the big banking group, will be replaced by his colleague Neil Younger, who currently heads practice-based financial planning within the group.
Younger's new role – general manager advice and open market channels — will encompass his previous responsibilities over dealer groups RI Advice, millenium3 and Financial Services Partners.
The bank has also appointed ING Asia Pacific executive Alexis George as managing director of insurance, commencing on 2 December.
The announcement comes days after ANZ Global Wealth created a brand new role for Kerri Thompson – bancassurance and customer experience — to help better engage with potential customers and "deepen the relationships" ANZ has with its existing customer base.
ANZ said in a statement that Barrett was leaving to "pursue the next stage of his career", announcing Younger will now report directly to head of Global Wealth, Joyce Phillips.
"I'd like to thank Paul for his significant contribution to ANZ. He has played a key role supporting our advisers and staff to achieve industry leading knowledge and professionalism, and I'd like to wish him all the very best for the future," Phillips said.
Barrett moved to ANZ in February 2011 from Colonial First State where he was general manager of advice.
Later that year it was announced that Younger, who previously reported to Barrett, would also make a move to ANZ following a brief career as general manager of Commonwealth Financial Planning and several executive roles held previously at BT Financial Group.
"I'm very pleased to appoint Neil Younger to the role of general manager advice and open market channels. Neil is an experienced wealth professional and in this role will be responsible for unlocking value from our advice businesses and channels globally," Phillips said.
ANZ recently confirmed to Money Management its plans to invest into marketing activities promoting the ANZ Wealth brand.
However, when asked to comment on suggestions that its investment, insurance and superannuation business — OnePath — was going to be rebranded, the bank said it had "no concrete plans" to do so.
"ANZ Wealth is the overall division name we use globally, while OnePath is an external customer brand that is utilised to distribute offerings through financial advisers," the bank's spokesperson said at the time.
The group said it regularly considered many branding strategy proposals and ideas across the business.
"Wealth management is a key priority for ANZ and a strategic growth opportunity."
The bank said it remained committed to its specialist wealth businesses that cover insurance, superannuation, investment and advice offered through the ANZ, OnePath, E*TRADE, RetireInvest, Millenium3 and Financial Services Partners brands.
