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Bennelong announces leadership changes

Bennelong Funds Management has appointed a new chairman amid a raft of changes to its senior leadership ranks.

In a statement released yesterday, BFM announced that Mike Pratt has been appointed chairman of the company's board, replacing the retiring Bruce Loveday.

Bennelong FM chief executive Jarrod Brown will finish on May 23, with the search for a new chief executive "well underway".

"BFM chief financial officer, Jeff Phillips, and head of distribution, Andrew Aitken, will jointly manage the CEO function, and Bruce Loveday will remain on the board in an executive capacity until later in the year. This will assist Jeff and Andrew to provide continuity of leadership during the transition to the appointment of a new CEO," said the Bennelong statement.

"With the retirement of Bruce Loveday, the board has decided to simplify the management structure of Bennelong FM. Following six years of rapid growth, and with almost $6 billion in funds under management, a new CEO will be appointed to lead the business through its next phase of growth," said the statement.

BFM executive chairman Bruce Loveday commented, "In the six years since the business was formed, Bennelong FM has enjoyed significant growth. However, we recognise that changes are necessary if the business is to achieve its full potential over the coming years.

"We are very excited about the potential of our business, and in particular the opportunity to broaden Bennelong FM's offer through the acquisition of new teams and by expanding the distribution footprint to capitalise on opportunities domestically and globally. The new leadership structure will enable the business to achieve these ambitions," said Mr Loveday.

Mr Pratt's primary focus will be governance and supporting the leadership team as it delivers on Bennelong FM's strategic vision, according to the statement.

"Mr Pratt will be a non-executive chairman, reflecting a change to Bennelong FM's leadership structure following the decision of Bruce Loveday, currently Bennelong FM's executive chairman, to retire from the board," said the statement.