23 May 2014
Multi-boutique business Bennelong Funds Management (Bennelong) today announced the appointment of Mike Pratt to the position of Chairman.
Mike has extensive industry experience and has been on the Board of Bennelong since 2013. He has also played an integral role in the success of Bennelong Group to date having served on its Board since 2012. His primary focus will be governance and supporting the leadership team as it delivers on Bennelong’s strategic vision. Mike will be a Non-Executive Chairman, reflecting a change to Bennelong’s leadership structure following the decision of Bruce Loveday, currently Bennelong’s Executive Chairman, to retire from the Board.
With the retirement of Bruce Loveday, the Board has decided to simplify the management structure of Bennelong. Following six years of rapid growth, and with almost $6 billion in funds under management, a new CEO will be appointed to lead the business through its next phase of growth.
The search for a new CEO is well advanced and current CEO Jarrod Brown will finish at Bennelong on 23rd May, leaving the business well-placed for future success. Bennelong Chief Financial Officer, Jeff Phillips, and Head of Distribution, Andrew Aitken, will jointly manage the CEO function, and Bruce Loveday will remain on the Board in an executive capacity until later in the year. This will assist Jeff and Andrew to provide continuity of leadership during the transition to the appointment of a new CEO.
Bennelong Executive Chairman Bruce Loveday commented, “In the six years since the business was formed, Bennelong has enjoyed significant growth, however we recognise that changes are necessary if the business is to achieve its full potential over the coming years.”
“We are very excited about the potential of our business, and in particular the opportunity to broaden Bennelong’s offer through the acquisition of new teams and by expanding the distribution footprint to capitalise on opportunities domestically and globally. The new leadership structure will enable the business to achieve these ambitions.”