KIMI is the investment management platform of KeyInvest, a member-owned mutual friendly society founded in 1878. It is a wholly owned subsidiary of KeyInvest Limited. KIMI launched in June with the KeyInvest Senior Debt Income Fund, a senior secured private credit strategy for wholesale clients.

At Coutts, one of the world’s oldest private banks, Norfolk held senior roles for a decade before taking charge of its global private banking business. He was responsible for the bank’s service to high-net-worth clients and for maintaining the governance standards expected of an institution managing substantial private wealth.

He returned to Australia in 2014 to lead ANZ’s private banking and advice business, a role he held until 2020. There he rebuilt the bank’s private banking offer for affluent and high-net-worth clients.

KIMI’s view is that the discipline Norfolk developed in those institutions is exactly what a new wealth management platform requires. Its Senior Debt Income Fund sits against a backdrop of rapid growth in Australian private credit, which expanded from around $130 billion in 2021 to $225 billion by the end of 2025. That growth has also attracted a significant number of new managers, and KIMI reviewed the majority of those operating in Australia before backing twelve.

Norfolk’s job on the board is to hold that selectivity to account as the business adds strategies and investors.

KeyInvest Managing Director and CEO Craig Brooke said Norfolk had spent his career deciding who to trust with clients’ money.

“That is exactly the judgement a private credit platform lives or dies on,” Brooke said. “Mike has run a global private bank. He knows what good governance looks like at that level, and he will expect the same of us. That is why we wanted him on the board.”

Norfolk said the ownership model was part of what drew him to KIMI.

“I’ve spent a good deal of time looking at private credit, and it tends to come down to the quality of the manager and the transparency around what investors may ultimately own,” Norfolk said.

KIMI was built by a mutual with nearly 150 years of member stewardship, rather than quarterly market pressure. That inevitably shapes how risk is viewed, and it’s one of the reasons I was drawn to it.”

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