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Robo-advice start-up appoints investment head

A former industry fund CIO will join robo-advice start-up Clover.com.au as head of its investment committee.

Jack Gray will join chief executive Harry Chemay and head of investments Sahil Kaura on the committee, which will be responsible for the composition of Clover's investment portfolios and for maintaining its approved products list.

The goals-based automated investment service robo-adviser is aiming to launch to the public by mid-2016.

Dr Gray has held senior roles both in academia and institutional asset management. He was a senior executive at US fund manager GMO, first as executive director of Australia before becoming joint head of asset allocation at its Boston head office. A former CIO of Sunsuper, Mr Gray also has investment management experience with one of Australia's largest superannuation funds.

He is currently an adjunct professor at the University of Technology Sydney attached to the Paul Woolley Centre for Capital Market Dysfunctionality, as well as a director and special adviser at Brookvine, a boutique asset manager and fund distributor. He is also active in the wealth space, being a faculty member at the Portfolio Construction Academy.

Commenting on Dr Gray's appointment to the investment committee, Mr Chemay said, "I'm delighted to have someone of Jack's intellect and investment experience to help guide Clover's investment offerings. Robo-advising may be nascent in Australia at present, but its potential to improve outcomes for the end-investor is significant."