The ASX-listed financial planning and funds management group, SFG Australia (SFG), has appointed the former head of investments for Zurich, Matt Drennan, as chief investment officer at Mosaic Portfolio Advisers.

Mosaic is the portfolio construction and management arm of the SFG business, and produces investment products for SFG’s financial planning network, which includes Shadforth, Outlook Financial Solutions and Western Pacific Financial Advisers, and the Actuate Advice Solutions business-to-business services division.

Priorities at Mosaic

Drennan, who left Zurich almost 12 months ago, says Mosaic has “two main functions: portfolio construction for the products that we offer to our advisers; and manager selection and everything that goes along with that”.

His role will be to lead the team that decides “what the positions we want to have in each asset class are, and what asset classes we want to be in”. He will also lead the team that chooses investment managers to manage funds in each asset class. In this respect, the role at Mosaic is similar to the role he held at Zurich.

“At Zurich… it was a best-of-breed, manage-the-managers approach as well,” Drennan says. “As CIO, effectively, there, I spent a lot of my time selecting managers, along with the senior guys in my team and then built them into product offerings.”

The growth of the SFG business through acquisition has created some legacy issues in the product line-up that will need to be addressed, says Drennan, who started his new role on January 29.

“My priorities are to get a good handle on the business and then get around and meet some of our fund managers and advisers, and get a feel for the sorts of products and opportunities that are out there,” he says. “The big attraction of this role is that it’s a totally focused wealth management and protection business. It’s Australian-based and it’s got a lot of growth [potential]. You have seen the kind of growth this business has gone through in the past couple of years with merger and acquisition activity.

“It’s a very client-focused business, and in this role you can make a difference, rather than being part of a huge global corporation.”

 

Bargholz to Fidelity

Fidelity Worldwide Investment has appointed former AllianceBernstein Australia chief executive Michael Bargholz as Senior Investment Director for Australia.

The position is a new one for Fidelity’s Australian business, although the role exists in the business in the UK, Europe and Asia, where investment directors act as a conduit between the investment and business teams. Bargholz was CEO and Managing Director of AllianceBernstein’s Australian and New Zealand business for 11 years, where has was responsible for executing the joint venture with AXA Australia.

He also spent over 11 years with AXA, firstly as Chief Economist and Investment Strategist and later as Managing Director of Funds Management.

At Fidelity, Bargholz’s primary responsibility will be to work with Fidelity’s equity and fixed income investment teams across the globe and aligning Fidelity’s capabilities to the needs of Australian clients Bargholz started his career as an economist within the Australian Treasury, based in Canberra, before moving into the private sector.

Michael is a CFA charter holder and is a past Chairman of the Advisory Board of the Sydney CFA society. He also held the position of Deputy Chairman of the Financial Services Council between 2010 and 2011.

Payn to AMP Capital

AMP Capital has appointed Margaret Payn to the position of chief financial officer.

As part of the company’s senior leadership team reporting to managing director Stephen Dunne, Payn will oversee AMP Capital’s finance operations across the its global operations.

Over the past three years Payn worked with Suncorp, Westpac and Lloyds International undertaking capital, productivity and finance initiatives. Between 2006 and 2009 she worked at ANZ in a number of roles including managing director of strategy and marketing. She has also held a variety of senior finance roles at Schroders in Sydney, London and Hong Kong.

Payn is a chartered accountant and started her career at KPMG in London. She takes up the AMP role this week.

This post has been edited to correct the name of the listed entity SFG Australia.

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