Garry Mulcahy has been appointed to group executive asset management and Tim Steele has assumed the role of group executive retirement and investment solutions.
Mr Mulcahy was most recently acting in the role of executive general manager for super and solutions leading various teams under that umbrella.
Mr Steele was previously general manager of NAB Financial Planning and NAB Direct Advice, MLC Wealth’s licensee for employed advisers.
Chief executive of MLC Wealth Geoff Lloyd said the appointments were part of the plan to lead and drive growth in the business.
“When I announced our new strategic intent and operating model in March, I committed to putting a strong and experienced leadership team in place that would lead and drive the transformation and growth of our four business pillars of advice, platforms, asset management, retirement and investment solutions,” he said.
Mr Lloyd said that both individuals had demonstrated a high level of capability and he was thrilled to be able to hire internally for the positions.
“Both Tim and Garry bring highly regarded leadership and market expertise to the executive team, and I’m thrilled to have been able to appoint two leaders from our strong pool of internal talent,” he said.
Mr Mulcahy and Mr Steele will join the three other executive appointments made earlier this year, including Mark Baxter as chief risk officer, Kylie Smith as chief client digital and marketing officer and Shenaz Waples as chief human resources officer.
“The collective unparalleled knowledge and experience of this team will be central to the successful transformation of MLC Wealth into a client-led business, particularly during a period of significant regulatory change,” said Mr Lloyd.
There are five positions remaining on the MLC Wealth leadership team with the group expecting to make further announcements over the coming months.
I’m guessing these appointments were necessary due to the small talent pool attracted to this group with all of its issues and likely future.
” Unparalleled knowledge and experience ? ” Good to see the spin doctors working overtime !!! . Will they grease the wheels of Kaplan , FPA and the unbelievable Core Data going forward , pay the big bucks to their PDM’s then there BDM ‘s for giving us free lunches with all the trappings ( forget the performance figures as we are now Inflation plus – meant we can keep up with the Index because the Asset allocation people under the good “Doctor ” Sue Gosling “can’t or are very reluctant to change anything over the last 30 years !! ie yes lets keep property exposure to maximum 4% go figure ? ) How can they float or sell off if they don’t have a tied distribution network soon ? thats the real questions they need to figure out going forward Mr Lloyd!!!