The group’s first move in building out its wealth management strategy is the acquisition of a controlling stake in Melbourne-based wealth management and advisory firm Carnbrea & Co Limited.
Bennelong Group chief executive Chris Cunningham told InvestorDaily Bennelong has been in conversations with Carnbrea for some time and they have been enthusiastic about Bennelong taking a controlling stake and taking the business forward.
“The founding family will retain an equity stake in the business and be retained as a valued client of the business going forward,” he said.
Mr Cunningham said the group has also held many conversations over recent months with other groups and would be willing to speak with firms that have independence and a capacity to grow.
“We’re looking to establish ourselves in the high net-worth, ultra high net-worth and not-for-profit segment of the market,” he said.
“We’re looking for people and organisations which have put client advice as a central plank to what they do, rather than around product.”
Mr Cunningham said it is important to note the wealth strategy will be run and operated independently of any of Bennelong’s other business units.
“It’s important there’s a clear separation between the two. We’re focused on a client advice-centric model as opposed to a product-driven model, which is really important for the business going forward,” he said.
Although there are a number of “experiences and learnings” the group can take from its other financial services enterprises in areas such as governance, it would look for new hire Fiona Rowland to direct the business, he added.
Ms Rowland will formally join the group in the role of head of wealth management and advisory at the end of this month, bringing 12 years of experience from senior executive roles with ANZ, UBS and JBWere, after also working as a corporate and funds management lawyer at Minter Ellison.
Ms Rowland will also oversee the activities of the Bennelong Group’s philanthropic arm, the Bennelong Foundation, having previously headed up ANZ Trustees’ Charitable Foundations and UBS’ philanthropic and not-for-profit services.
Her other prior roles include head of wealth planning and head of business management, investment product and strategy and head of product at JBWere, Bennelong stated.
Mr Cunningham also said a recent unfair dismissal claim lodged against Carnbrea “predates our interest in the business”.
The claim was lodged by Maurice Blackburn Lawyers in the Fair Work Commission on behalf of former employee Sarah Fillmore, alleging the firm refused to honour a commitment to help her return to work under flexible work arrangements following a pregnancy.
“We’re strong supporters of [flexible workplaces] at the Bennelong Group across our business units,” he said.
“We’ve got a very strong track record in providing flexible workspaces. That’s an issue that occurred prior to our involvement and is something we’ll work through over the coming weeks.”
