Mr Giffin joined the group in 2016 as a consultant and most recently held the role of Head of Risk Management, Legal and Compliance. He has over 30 years’ experience in executive director level business management roles.

In addition, Mr Giffin has extensive global experience having held executive regional and global roles in risk management and compliance at Nikko Asset Management Limited, Barclays Global Investors, Fortis Investments, BNP Paribas and St. George Bank.

The group also announced the appointment of Sanja Petrovic as Head of Information Technology responsible for aligning the technology strategy and solutions with the Company’s business plan. Ms Petrovic joined the group in 2008 as a Programmer Analyst and most recently held the position of Head of IT for the MDA division.

Ms Petrovic has extensive IT experience across various aspects of the IT function including vendor management, infrastructure migration, software development and integration as well as data migration.  Ms Petrovic is dedicated to delivering client-centric solutions and to aligning the technology and business strategies.

Mr Peterson has been promoted to the role of Relationship Manager within the Distribution team effective July 1, 2019. Mr Peterson joined the group in 2012 and most recently held the role of Client Service Officer.

“The calibre of these internal promotions is testament to the breadth of experience we have within the business,” said Peter Brook, Non-Executive Chairman.

“These appointments, complemented by the recent announcement that Bruce Hawkins will be joining as CFO, strengthen the Company’s plans for future growth.”

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*Shareholders of Managed Accounts Holdings Limited will vote on the new name Xplore Wealth Limited on 12 April 2019

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A well-regarded finance executive and member of pioneering executive teams within the investment platform sector across the Australian superannuation and wealth management industry, Mr Hawkins brings more than 25 years’ experience to his new role.

His organisational experience includes change management, consulting and leadership roles with prominent organisations in the wealth arena including MLC/National Australia Bank, Aviva Australia and ESS Super.

“The chance to join the Company during this period of brand, platform and operational renewal and guided by a Board focused on growth opportunities is somewhat rare. I of course accepted with both hands.  I am looking forward to playing my part in the 2019 growth strategy including the launch of the new Wrap platform expected in Q2 2019,” Mr Hawkins said.

Chairman Mr Peter Brook said: “We are delighted to welcome Bruce Hawkins in the critical CFO role and to also benefit from his sector expertise. The Company believes the appointment adds to its breadth of executive leadership at a pivotal time for the business and its customers”.

“The experience Bruce brings is difficult to replicate, particularly his hands-on knowledge with business transformation and customer experience within platform administration and superannuation.  Combined with his financial and strategic acumen as CFO, we feel encouraged that Bruce will play a part in the future growth plans of the Company,” Mr Brook said.

“Supported by new executive and operational people with great industry experience, the Company is reaffirming its commitment to its customers and endeavouring to maintain its place as a leading independent platform provider in the Australian market,” Mr Brook concluded.

Shareholders of Managed Accounts Holdings Limited will vote on the new name Xplore Wealth Limited on 12 April 2019

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Mr Heather has been with MGP and its predecessors for over 10 years and CEO since February 2014.

Following a period of rapid growth and expansion, with three corporate acquisitions, a broadening of the products and services that MGP offers and an increase in funds under management from $2 billion to $13 billion, Mr Heather leaves by mutual agreement as the Company embarks on its next stage of growth and development.

The Board has commenced a search for an appropriately qualified and experienced executive to fill the CEO role, complete the integration of acquired businesses and capitalise on the opportunities emerging in the financial services market.

Non-executive chairman Peter Brook said the Company had reviewed its market position and determined that the next growth phase required a fresh leadership approach and the energy to capture a range of market opportunities.

Mr Brook noted the contribution of Mr Heather to the Company and welcomed his continued tenure until his departure in May, working on key projects and assisting in a smooth transition.

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Peter was the former chief executive and managing director of major superannuation administrator Pillar Administration, a NSW government-owned entity. He successfully lead the overhaul of its operating model, technology and member services.

Pillar managed 1.1 million member accounts holding $110 billion in funds. Peter’s 40-year career also includes executive and director roles at StatePlus, Alinta Energy, Challenger Financial Services Group, MLC and Grant Thornton.

Peter replaces Don Sharp, who has advised the Company of his desire to step down as Chair of the Board due to his increased executive responsibilities. Don will continue in his role as Executive Director of the Company.

The Company has previously notified that its Chief Financial Officer has resigned and that Don Sharp is acting in this role until a replacement is appointed.

Accordingly, the Board today resolved that Don Sharp’s remuneration be temporarily increased to $240,000 per annum (plus superannuation) during the period he performs the duties of Chief Financial Officer of the MGP group, in order to compensate him for the additional duties. This remuneration is equivalent to the salary being offered during the current recruitment process to obtain a new Chief Financial Officer and includes his remuneration as Executive Director.

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Peter Chun

Colonial First State (CFS) has announced that Managed Accounts are now available on the FirstWrap platform.

Peter Chun, General Manager Distribution, Colonial First State said: “We are pleased to be expanding our Managed Accounts offering to include FirstWrap. This complements the wide range of solutions already available on our platforms and highlights our focus on supporting different advice models and businesses.”

Under the new FirstWrap offering, advisers can choose from a range of professionally managed portfolios available on the FirstWrap menu to deliver transparency, simplicity and individual tax outcomes for their clients.

Managed Accounts on FirstWrap also offer some very distinct features including no brokerage fees for direct equities SMA portfolios and the ability to set client preferences at the account level.

“We’re the first platform provider in Australia to offer zero brokerage for direct equities clients within Managed Account portfolios,” Mr Chun said. “This means advisers have access to a wider range of portfolio choices at a reduced cost when it comes to brokerage.”

Managed Accounts also reduce time spent on administration as any changes made to investments automatically flow through to client accounts, which can reduce time-consuming paperwork and create greater practice efficiencies, while ensuring clients are always in up-to-date portfolios.

“This is a game changer for advisers and advice practices,” Mr Chun said.

“Throughout 2018 we will continue our commitment to provide a broad range of solutions for advisers including a tailored managed account offer for licensees with investment capabilities or bespoke requirements.”

“We have a rich history of providing quality products and service to advisers and are committed to expanding on this success, Mr Chun said.

According to the latest Investment Trends report, 45 per cent of advisers who intend to use Managed Accounts will look to CFS, more than any other platform provider. Advisers have also rated CFS as providing ‘Best Platform Service’ in four out of the past five Wealth Insights surveys.

Managed Accounts were also launched on the FirstChoice platform last November.  Colonial First State has more than $7 billion in funds under administration in managed account solutions.

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Heather David

Managed Accounts Holdings Limited (ASX: MGP) has completed its acquisition of Linear Financial Holdings Pty Ltd (Linear) following the successful raising of $34 million from high quality institutional and sophisticated investors, most new to MGP’s share register.

MGP Executive Chairman, Don Sharp said, “The MGP and Linear teams, with the strong support of Sirius Capital Partners, Shaw and Partners, Evans and Partners and Veritas, have done an exceptional job to bring this merger to fruition. We now look forward to working together to create a business we and our clients can be proud of.”

The merged entity becomes a leading provider of non-unitised administration solutions to the IFA, broking and institutional segments, private wealth managers and investment managers that are variously restructuring to offer clients greater transparency through non-unitised structures.

Integration of the businesses will commence immediately under the leadership of MGP Chief Executive David Heather who said the transaction completion was an endorsement of the major growth potential of the combined entity.

“The administration segment that supports wealth management is becoming increasingly complex. Our market leading capability to deliver non-unitised multi asset, multi-currency solutions across flexible legal structures and custodians enables is us to meet this growing complexity. We look forward to integrating the businesses, working with existing clients to maximise use of our capability and meeting the needs of new clients,” Mr Heather said.

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Managed Accounts Holdings Limited (ASX: MGP) has successfully completed a Share Placement to raise approximately $34 million to part fund the acquisition of Linear Financial Holdings Pty Ltd (Linear).

The Placement was heavily oversubscribed and supported by 27 new high-quality institutions, through Joint Lead Managers Shaw and Partners and Evans and Partners and Co-Lead Manager, Veritas Securities.

MGP Executive Chairman Don Sharp said “the Placement received very strong support from existing and new institutional and sophisticated investors.  The support for this capital raising is a great endorsement of the proposed acquisition of Linear and merger of the two companies. This transaction is transformational for MGP, creating a market leading business with $11.5 billion in FUA.”

Under the Placement, approximately 121.4 million new fully paid ordinary shares will be issued at $0.28 per share, which represents a 12.5% discount to MGP’s closing price of $0.32 on 30 October 2017, and a 9.2% discount to the 30 Day VWAP (Volume-Weighed Average Price) of A$0.308.

New MGP shares issued under the Placement will rank equally with existing MGP shares and are expected to be issued on 13 November 2017, subject to shareholder approval at MGP’s general meeting on 9 November, as per the initial timetable announced for the capital raising.

Eligible MGP shareholders will have an opportunity to subscribe for up to $15,000 of new MGP shares under a Share Placement Plan (SPP).  The issue price of the new MGP shares under the SPP will be $0.28, and new MGP shares issued under the SPP will rank equally with the existing MGP shares.

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