Tower-owned advice firm Bridges Financial Services has lost chief executive Chris Wren following an executive make-over of the trans-Tasman firm’s wealth management arm ahead of its separate listing on the Australian Stock Exchange (ASX) next year.
The decision on Wren’s exit was made on Monday and staff were alerted yesterday of the change, although Wren will remain with the firm until the listing is complete next year, according to Tower wealth management head Andrew Barnes.
The group had earlier acknowledged – in its scheme book for the proposed spin-off posted on the ASX late last week – that Wren was yet to accept a role within the new business, Australian Wealth Management (AWM).
The new business has four offshoots – private clients, asset and superannuation administration, corporate trust and the bridges dealership.
Wren departs after a 15 year tenure with Bridges, which saw him step up from his role as chief operating officer to take over at the helm of the business a year ago and replace David Bleakley as chief executive.
Alex Hutchison, who has been responsible for Bridges compliance and legal department to date, replaces Wren as head of the Bridges arm of AWM.
“We were talking to all senior executives about them coming across into the new entity… the conversations with Chris quickly identified that he felt the role going forward was a different role to one he had now, and felt that he wanted a change,” Barnes, who will head-up AWM, told Money Management.
According to Barnes, the Bridges chief executive role would change somewhat as part of the new entity, “given historically the CEO had absolute responsibility for marketing and operations and so on of the business”.
As for the role Wren will play as the wealth management arm moves towards its separate listing, Barnes said “to be honest what we’re trying to do now is to build some momentum for the new management team so Chris will be around but not on a day to day basis”.
