Investment administration platform provider Powerwrap has undergone a senior management shake-up, with former Blackrock executives Cormac Heffernan and Maurice O’Shannassy joining the firm.
Heffernan joins Powerwrap as its new chief executive, while O’Shannassy, the former Blackrock Asset Management chief, joins the firm as company chair.
As a result of Heffernan’s appointment, Andrew Varlamos has departed the company.
Commenting on Varlamos’ departure as chief, Heffernan told InvestorDaily: “As companies transition through the various stages of maturity, they recognise that with a new chairman coming in a new focus for the next stage of Powerwrap’s development [is needed].”
Heffernan said his appointment comes after a six-month consultancy role with Powerwrap following his departure from National Australia Bank last October.
His appointment to the company reunites him with former Blackrock colleague O’Shannassy.
“The new chair and then the board appointed me,” he said.
“I used to work directly for Maurice at Blackrock, it was at Blackrock that we set up the SMA [separately managed account].”
Asked whether it was Powerwrap’s intention to bid for Blackrock’s SMA, amid speculation Blackrock is keen to offload the offering, Heffernan remained coy.
“I’m not sure whether it is for sale, we are happy with our organic growth,” he said.
“We’ve landed a number of major clients and the focus will be to continue to attract similar type of clients.”
While he would not comment further on a possible Blackrock deal, he said Powerwrap does plan to relaunch its SmartWrap product to the market within the next month.
“It will be relaunched to include SMA and direct equity trading and administration,” he said.
In regards to whether he will be making any changes to the company’s structure in his role as chief, Heffernan said had no immediate plans.
“The structure of the firm is very solid,” he said.
“As we expand we’ll obviously continue to recruit, but it’s a very scaleable business and therefore we’re ready to attract many more funds before we need to really expand staff numbers.”
