The firm has been established by a group of senior investment advisers and industry executives and will initially operate from Sydney and Brisbane, with plans to expand into Melbourne. Granite Bay is backed by a syndicate of investors and is pursuing a national growth strategy.
Managing partner Steve Moon, who has more than 20 years’ experience across Morgan Stanley, UBS and Macquarie, said the business was formed in response to changing client expectations in the private wealth market.
“The Australian wealth market is rapidly evolving. Understanding our client needs and what’s important to them was at the forefront of our mind in establishing this business,” Moon said.
“We wanted to offer investors genuine choice beyond the large institutions. Both clients and advisers deserve something better, something built on experience, trust and a genuinely aligned model.”
Moon is joined by chief executive David Asplin, who brings more than three decades of experience in funds management and operational leadership, including senior roles at QIC, Challenger and Colonial First State.
“Granite Bay has no outdated legacy systems, no inherited constraints, and makes no compromises,” Asplin explained.
“Everything, from our governance frameworks to our technology stack to the partnerships we’ve carefully selected, has been designed with a single intention: to deliver a premium, contemporary and secure client experience.”
The executive team also includes chief operating officer Matt Nicholls and general manager Jessica Brady. Nicholls has more than 30 years’ experience in senior leadership roles across global markets, including at Morgan Stanley and Macquarie, while Brady has held senior positions at Macquarie, BT Financial Group and Colonial First State.
Granite Bay has appointed Damien Frawley as founding chair. Frawley is a former chief executive of QIC and former country head of BlackRock Australia, and currently chairs Hostplus Superannuation and QTC Capital Markets, while also serving on the boards of Mirvac and Elders.
“I chose to be involved with Granite Bay because it’s built on the principles that matter most in wealth management: strong governance, disciplined decision-making and a genuine commitment to doing things properly,” he said.
“This is a business that operates with the transparency and accountability that clients rightly expect.”
As part of its investment framework, Granite Bay has appointed BlackRock as its outsourced chief investment officer, providing access to BlackRock’s global multi-asset capabilities.
David Griffith, head of multi asset strategy solutions at BlackRock Australasia, said Granite Bay’s approach aligned with BlackRock’s OCIO offering.
“Granite Bay’s solutions-led model is a strong fit for our Outsourced Chief Investment Officer offering,” Griffith said.
He added: “the appointment showcases how we can deliver institutional-grade investment thinking to the private wealth market.”
Granite Bay has also established an investment committee, chaired independently by Debbie Alliston, former head of investments at BT Investment Management and former chief investment officer for AMP Capital’s multi-asset business. The committee is supported by external consultants including Griffith and John Lockton, head of investment strategy at MST Financial.
