Banking and wealth management group MyState has appointed a former ANZ head as its new general manager for wealth management.
Andrew Polson will lead its wealth management business and brings with him 20 years of financial services experience, MyState said in a statement.
Mr Polson joins MyState from ANZ, where he held senior roles for eight years, including most recently as global head of investment management and implementation for ANZ Global Wealth. He also held roles at IOOF and NAB.
"It is a pleasure to welcome a senior executive of Andrew's calibre to our executive team," MyState's managing director and chief executive Melos Sulicich said.
"He is highly regarded in the wealth management industry for building business through strong leadership and innovative product strategies, and we believe he will make a significant contribution to our growth."
MyState yesterday announced a statutory after-tax profit of $15.1 million for the six months to December 31, 2015, up 1.5 per cent compared to the previous corresponding period.
Its wealth management business saw its funds under management increase slightly to $1.03 billion, up from $1.02 billion a year ago.
"This was a robust result. MyState was pleased to report profit growth in its banking and wealth management businesses despite the highly competitive banking and financial services environment," Mr Sulicich said.
"We have a clear strategy and, with strong settlement momentum, MyState is well positioned for growth with a detailed and exciting transformation program currently being undertaken."
The regulator has also banned the director of the firm linked to the Mayfair 101 Group from controlling a financial services entity.
The big four bank has confirmed the move today.
Joe Longo has addressed ongoing concerns by the industry.
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