National Australia Bank's (NAB) wealth management arm, MLC, has appointed Nicky Richards as its chief investment officer (CIO) following Chris Condon's departure in February.
Richards has over 20 years of experience in global investment markets and was previously based in London as Fidelity International's group CIO.
She was also previously Schroders Australia's managing director.
Richards will lead MLC's team of investment professionals and be responsible for over $65 billion in funds under management.
MLC's Susan Gosling had been acting as CIO in addition to her role as head of capital markets research after Condon left.
Gosling last month admitted that she was in contention for the CIO position.
"We are currently considering an expanded role for Susan that would see her continue to be responsible for MLC's market-leading, scenario-based approach to asset allocation and the broader capital markets team - both of which are integral to the design and implementation of MLC's investments - along with new responsibilities," an MLC spokesperson said.
"We were placed in the fortunate but very difficult position of having a group of extremely talented individuals to choose from.
"All of the candidates shortlisted would be very strong CIOs and each brought unique experiences and expertise to the table. Ultimately, however, we decided that appointing Nicky would deliver the best outcome to our members, our investors and our people."
Richards said the Australian investment market place is vibrant and highly sophisticated.
"Australia has developed into a world leader in wealth management due to the compulsory superannuation system and, with the country's pool of assets under management set to grow, Australia will provide a stimulating working environment over the coming years," she said.
"It is clear that NAB is committed to wealth management and has serious ambitions to develop it further over the coming years. I am looking forward to playing a role in the successful execution of that strategy."
