IOOF's research chief Paul O'Connor has resigned and taken a job in wealth management consulting at research firm Standard & Poor's (S&P).
O'Connor will be a director in S&P's new retail investment consulting division, with two additional hires yet to be announced.
His main role will be to provide the financial planning arms of St George Bank and the Commonwealth Bank of Australia with approved product lists, model portfolios and advice.
O'Connor is the first hire in a replacement of the research house's financial planning consulting division.
Investment consulting director Simon Ibbetson and associate director Veronica Klaus resigned last month to join Grove Research and Advisory with a desire to focus on institutional business.
S&P announced earlier this month that its consulting business would not pitch for any new institutional business and would concentrate on the retail/wholesale market.
"We're very excited about the team we're building," S&P director of fund ratings Mark Hoven said.
O'Connor was previously IOOF's senior research manager and was responsible for the platform investment menu research, aligned financial adviser research services. IOOF is a client of S&P.
IOOF head of product and strategy Nick Everingham said O'Connor had done a great job at IOOF and the firm is currently evaluating its research options.
S&P has been actively hiring over the last 12 months and is seeking several more researchers and an operations employee.
However, Hoven conceded recruitment conditions remain highly competitive.
"It's extremely difficult - it's tighter than I've ever seen it, even in spite of volatility," he said.
