Effective from 4 May, Chris Kelaher will join the board as a non-executive director.
AWAG, which was launched in 2024 by Lee Iafrate, said it anticipates that Kelaher’s participation would focus on corporate opportunities, due diligence and structuring.
“Given Mr Kelaher’s extensive and successful financial services career, it’s envisaged that he will focus on and assist the board on corporate opportunities, due diligence and structuring. Mr Kelaher’s knowledge of the wealth management and advisory industry will provide great insight for AWAG and its growth strategy,” AWAG said.
“Mr Kelaher’s experience and knowledge will be a significant asset for AWAG and our shareholders.”
Kelaher spent a decade at IOOF, now known as Insignia Financial, from 2009 to 2019. He joined the firm as a result of the merger between IOOF and Australian Wealth Management where he had been the managing director.
Insignia was recently sold to US private equity giant CC Capital and has de-listed from the ASX after 23 years.
At the time of Kelaher’s appointment to IOOF, shares were trading around $2.50 and he successfully turned the share price around to more than $10 in 2017, with the company being Australia’s second-largest wealth manager.
By 2017, Kelaher had increased the firm’s funds under management, administration, advice and supervision from $94.6 billion in 2009 to $149.5 billion.
Kelaher stepped aside pending resolution of the APRA proceedings in 2019 regarding allegations that the firm had failed to act in the best interest of its superannuation clients. The court dismissed the allegations, and Justice Jayne Jagot ruled in his favour in September 2019.
Earlier this year, AWAG announced that David Mazengarb has taken up the head of advice role, marking a new phase for the group amid ongoing national expansion efforts. He brings almost half a century of wealth management and compliance expertise with his career spanning Australia, the UK and Europe.
His expertise in risk management, audit and compliance would, the group said, support its future growth, adding that his ability to nurture emerging executives while also supporting shareholders and board members would be critical in strengthening AWAG’s advice capability and adviser development framework.
