A former head of UBS Global Asset Management in Australia has joined MLC Sales as general manager.

Little has been heard of Colin Woods since he left UBS Global Asset Management in May 2007, a few months after relocating from the top job in Sydney to Singapore, in an ultimately ill-fated effort to run the manager’s Asian retail third-party distribution arm.

However he started this week at MLC Sales, the division responsible primarily for dealing with external financial advisers.

An MLC spokesperson said Woods would report to Richard Nunn, executive general manager, MLC advice and marketing. Nunn runs MLC’s advice and marketing business, reporting directly to MLC’s chief executive, Steve Tucker.

Meanwhile, National Australia Bank’s boutique incubator, Nabinvest, is understood to have started an aggressive growth campaign as it detects resurgent demand for the value-adding potential of top managers who struck out on their own during the ‘boutique boom’ – so long as their efforts are backed by a big balance sheet.

As part of that campaign, it is understood NabInvest may be looking for three business development managers, with two of the roles to be based in Sydney and one in Melbourne.

NabInvest executives were unavailable for comment at presstime.

In an earlier report, I&T News incorrectly stated that Woods had joined NabInvest as general manager of sales.