A former senior business development manager with Russell Investment Group, Stephen Bramley, has resurfaced in an executive sales role.
Bramley began his tenure yesterday as Mercer Global Investments’ (MGI) first head of institutional sales, concluding the implemented consultant’s four month search to fill the vacancy. “Stephen will further our penetration into the institutional market,” Gary Burke, head of MGI Australia and New Zealand, said. “It was a gap in our organisational structure that needed to be addressed,” he said. In February, MGI separated its sales division into retail and institutional components, appointing Bronwyn Steed to spearhead retail sales while sourcing candidates to fill the institutional role. Before joining Russell, Bramley was head of business development at MLC Implemented Consulting. In the calendar year to date, MGI had won $500 million in new institutional mandates and $110 million from retail inflows, Burke said. He would not disclose the new institutional wins since the related assets were in transition. In May, Phil Graham joined MGI as senior portfolio strategist after exiting a senior portfolio management role at Access Economics. MGI is currently searching for an additional junior investment analyst.
AustralianSuper’s appointment of a general manager, retirement to replace Shawn Blackmore, which follows ART's redeployment of Kathy Vincent to chief operating officer, shows that mega funds are back-pedalling on the strategy of having dedicated retirement C-suite executives. The role had been touted as the next big thing in super funds' organisational structures, but experts say what matters is there is senior accountability for decumulation.
Darcy SongDecember 4, 2024
