BT Financial Group has confirmed the departure of its chief investment officer after he faced allegations of sexual misconduct.
A BT spokesperson confirmed to ifa yesterday that Martyn Wild has stepped down after previously being disciplined for breaches of Westpac Group’s code of conduct arising out of a "number of recent allegations".
Corrin Collocott, BT's head of asset allocation, will assume CIO responsibilities in the interim, the spokesperson said.
In a statement to ifa, BT Financial Group chief executive Brad Cooper said, “Clayton Utz undertook a comprehensive and independent review of all allegations made in this case.
“While some allegations were not substantiated, we immediately took disciplinary action, including a first and final warning in relation to those that were substantiated.
“Mr Wild then resumed his duties at BTFG. However, in light of recent developments we’ve agreed with Mr Wild that he will leave the business effective immediately. We’re absolutely committed to having a workplace that reflects the company’s values.”
Westpac also confirmed that Mr Wild will not receive a bonus for this year nor any special termination payments.
Fairfax Media reported last week that two female staff had made a number of sexual misconduct complaints against Mr Wild.
These included inappropriate contact and commentary as well as telling a female staff member her appearance and weight would retard her career prospects, Fairfax reported.
According to his LinkedIn profile, Mr Wild was BT’s chief investment officer since June 2016. Prior to that, he was BT Investment Management’s head of diversified strategies, and also previously held roles at Russell Investments.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all