The man hired to steer Perpetual Investments’ recent foray into the platform market has resigned to take up a senior executive position at Skandia.
Former Perpertual head of platform distribution Mark Papendieck will become Skandia’s chief operating officer on October 17. Perpetual secured Papendieck to head up its low cost WealthFocus platform early in 2004, following his short stint as a consultant to Challenger to assist with its purchase of Associated Planners.
Prior to working with Challenger, Papendieck was chief executive of Commonwealth Bank-owned platform Aventeos.
He was hired by Perpetual only months after it had made the move to launch WealthFocus into an already crowded platform market.
Skandia said in a statement that Papendieck would bring “an exceptional wealth of industry knowledge and experience to Skandia”.
As he was on leave between jobs, Papendieck was not available for comment.
Perpetual was unavailable to comment on whether it had found a replacement for Papendieck.
