Costs for the compensation scheme are spiralling out of control, with the FAAA estimating another $4,165 will be added to every adviser’s CSLR bill – bringing the estimated total to $5,709 – if the funding model isn’t re-examined.
Real estate credit funds have firmed as an attractive source of alternative returns in the past few years. What matters, however, and what doesn’t, for these non-bank private credit lenders, has largely been left unexplored by investors. Â Â
On the move…
Inside Appointments covers all the key moves this week
Crestone nabs big bank defectors
Crestone has appointed six new investment advisers to its Brisbane team in response to increased demand from its growing Queensland client base. Two of the newest additions to the team – John Paul Geribello and Jason Poppi, who came on-board in June – were previously with Westpac Global Investment Services and NAB Investor Sales respectively, while Shane Fisher joined from Westpac Private Bank in April.
Chris Mackenzie also joined Crestone from ANZ Private, where he was a private wealth adviser, in April, while Westpac Private banker Daryl Wasserman jumped ship in March and Perpetual Private partner Simon Partners joined in January. The new appointments bring the firm’s total national adviser base to 91.
“The new advisers are welcome additions to our growing team,” said head of advisery for NSW, QLD, and SA Michael Tritton. “Crestone offers global, multi- asset class portfolio construction and management solutions and we are confident the expertise these six advisers possess will complement our existing business and offering.”
Boutique appoints two global portfolio managers
Mary Manning will join Alphinity in mid-July after working at Ellerston since 2012, where she was most recently the portfolio manager of the Capital Asia Growth Fund, India Fund, and Asian Investments LIC. Manning was previously vice president for emerging markets at Oaktree Capital from 2008-2010, and worked at Soros Funds Management in, She holds an MBA from Harvard Business School and a PhD in Economics from the University of Sydney, where she was also an associate lecturer.
Trent Masters also joins Alphinity from Global Evolution Capital, where he managed a global absolute return fund built around “key growth themes and industrial evolutionary trends”. Prior to this, he spent a decade at CFSGAM as a senior analyst. Both Manning and Masters will help manage the $4bn Alphinity Global Equity Fund. “Trent and Mary bring a tremendous depth of experience and investment pedigree to Alphinity that will help reinforce and sustain the track record of excellence we have been able to establish and embed. Importantly, their complementary, diverse backgrounds bring new and alternative perspectives that will enrich discussions as we work though our well-established investment process.”
Sequoia launches family office
The new business will be headed by Sophie Chen and target local and migrant high net worth and ultra-high net worth investors with investable funds of $5 million to $100 million. Sequoia will build on the client books acquired from Macro Investment Advisery with an aim to grow funds under advice to $2 billion over the next five years.
Fitzpatricks appoints Victorian regional manager
Daniel Proietto will join Fitzpatricks Private Wealth as regional manager for Victoria, with a focus on “developing relationships with like-minded Victorian practices”. Mr Proietto spent several years as an independent consultant before joining Fitzpatricks, prior to which he was national business development manager at Xplore/Linear.
“(Proietto) will be a valuable addition to our team in creating successful partnerships with financial advice professionals in Victoria. He brings a proven track record of creating sustainable economic growth for the businesses and advisers he has previously worked with,” said head of business growth Anthony Vaiente.
“Daniel’s ethical standards, great reputation and strong professional network align with our own client centric philosophy and community values and as such, will see Daniel work in a coaching capacity throughout the wider Fitzpatricks business.”
Former AFA chief in new role
CEO Phil Kewin will join the National Insurance Brokers Association (NIBA) as CEO in August after stepping down as CEO of the Association of Financial Advisers in early 2021.
“Philip has a long track record of successful leadership in a number of key positions in financial services,” said NIBA president Dianne Phelan. “His extensive experience, high levels of integrity and authenticity, are what we believe make him very well qualified for the role at NIBA.”
