Phil Kearns to depart as Chief of Centric Wealth

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The recently acquired Centric Wealth announced yesterday that Phil Kearns will be departing as CEO on 30 June 2014. Centric Wealth was acquired by Findex Australia Pty Ltd (Findex) in February of this year creating one of Australia’s largest non-aligned, privately-owned financial advisory businesses.

Mr Kearns was appointed CEO of Centric Wealth by CHAMP Private Equity in December of 2011 to manage the turn around and growth of the business in preparation for its sale.

Mr Kearns said he was proud of and privileged to have worked with such a high caliber team who were critical in ensuring the success to date for all stakeholders.

“I am very proud of the result we achieved for Centric Wealth, its staff and clients.  The team was incredibly diligent in their commitment and unwavering client service. This focus has delivered the success Centric Wealth has achieved to date and positioned the business for its next phase of growth.

Findex acquired the business for $130 million with the backing of KKR and they have a strategy to continue on an acquisition path. In his capacity as CEO, Mr Kearns successfully broadened the firm’s revenue base and expanded its operational structure ready for sale and transition under new ownership.

Spiro Paule, CEO of Findex said, “Phil and the Centric Wealth team have transformed this business and now we have a vision to take it to the next level. The achievements of the Centric Wealth team to date will enable us to achieve our future goals and we want to add to that great work to make an even better company.

“I would like to thank Phil for his significant contribution to this business and wish him all the best with his future endeavors.”

The combined group has nearly $8 billion in funds under advice as well as an accounting, lending and insurance business and is the largest privately owned, non-aligned wealth manager in the country.

Mr Kearns added, “the Findex team has robust and efficient systems and processes and are experienced in post acquisition transitions. They have a strong focus on continuing to improve the high quality, personalised service Centric Wealth provides to it’s clients. The time is right now for me to step down, I wish them and the Centric Wealth team the best for the future and look forward to witnessing the continued success of the combined group.”

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