Both appointments reflect the same thesis: market regimes now change faster than most portfolios were built to absorb, and dynamic asset allocation is increasingly the difference between portfolios that keep pace and those that do not. Brad managed global macro portfolios at Millennium Capital Partners and led dynamic asset allocation at AMP. Tracey adds more than 15 years of equities research across global and Asia Pacific markets, along with the AI research platform she has built to support arcpoint’s investment process.

Asked why the firm made two senior hires at once, Jacqueline Fernley said: “The whole point of a founding team is the quality of the bench you put behind every client decision. Brad has managed multi-asset and global macro portfolios at firms that set the standard globally. He sees markets and the role of portfolio construction differently, and he is relentlessly focused on what actually lands in a client’s portfolio. Two senior decision-makers accountable for every mandate, supported by a formal Investment Committee, is how you deliver consistent outcomes through a market cycle rather than a single point of view.”

A true Co-CIO, not a deputy

Confirming a two-person Chief Investment Officer model answers the question that follows any young firm directly: what happens when investment decisions rest on a single individual. Brad’s blend of multi-asset portfolio management and global macro experience sits squarely alongside Fernley’s own, so every mandate has two senior investors accountable for it and continuity of judgement through market cycles and personnel change alike.

“What drew me to arcpoint is how central the client is to everything we do. It sounds obvious, but it is not always how things go, given the pressures the industry is under. The job is not to hold a house view for its own sake, or because it is the most scalable thing to deliver. It is to produce genuine investment outcomes, in a way that is both disciplined and aligned to the practice’s chosen mode of advice. Building that with two of us fully accountable, and a talented team around us, is how we earn the trust that comes with managing someone’s capital,” Creighton said.

Deepening the bench: Tracey Wahlberg joins as Partner

The second appointment deepens the bench behind the two CIOs. Much of the conversation about artificial intelligence in investing has centred on fund managers using it for stock selection; arcpoint is applying the same capability to its outsourced CIO model, from scratch and without legacy. That allows arcpoint to offer a range of bespoke services to wealth practices, family offices and foundations at scale. Tracey joins after founding her own business focused on developing proprietary investment management tools, extending arcpoint’s ability to build the customised mandates clients require. She leads that work as a partner with a seat and a vote on the Investment Committee.

“Tracey has proven herself to us on the investment substance and on the fit, repeatedly, which is why she joins as a partner, not an employee,” Fernley said. “We carry no legacy systems, so we can build capability through an AI-native lens, from scratch and at speed. We launched our client portal six weeks ago; it gives our clients the specific services they need from us in real time as well as key portfolio construction tools. It has been very well received.”

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Brad Creighton

Specialist wealth platform provider, Mason Stevens, has announced the appointment of Brad Creighton as Head of Asset Allocation. Brad brings with him 17 years of extensive investment experience, having held senior roles in financial markets, most recently at AMP.

With a robust background in portfolio management, trading, macroeconomic and quantitative research, and risk management, Brad’s experience spans across global hedge funds and leading financial institutions. His deep understanding of portfolio construction, dynamic asset allocation, product development, and multi-asset class risk management will be a significant asset to Mason Stevens.

Brad is passionate about helping clients maximise their wealth and working with advisers to deliver the best possible investment solutions for clients throughout their investment journey. In his new role, he will lead the strategic and dynamic asset allocation solutions for Mason Stevens’ platform clients and collaborate closely with the Chief Investment Officer (CIO) Jacqueline Fernley.

Mason Stevens thanks David Macri, the outgoing Head of Asset Allocation, and wishes him well in his future endeavours.

Chief Executive Officer, Tim Yule, commented, “We are excited to welcome Brad to the team. His wealth of experience and passion for delivering exceptional client outcomes align perfectly with our commitment to providing high-quality investment solutions. We are confident Brad will continue to drive innovation and performance in this important role.”

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Edwina Maloney

North, one of Australia’s leading wrap investment platforms, continues to bolster its investment menu with the launch of its new low-cost Diversified Index Managed Portfolio range.

The five risk-based multi-asset portfolios allow advisers to service clients with various balances and investment goals at a highly competitive rate and are available in MyNorth Super, Pension or Investment accounts.

Advisers on North can now service a younger demographic of clients seeking a flexible, diversified, and low-cost investment solution that meets their goals.

The new range is also a great option for advisers who are looking for low-cost options that deliver more transparency than a traditional managed fund.

It can be used as a standalone investment or a component of an individualised core-satellite investment solution.

Rising demand for low-cost index portfolios

According to a recent Investment Trends report^[1], 15% of new client inflows into managed portfolios over the last 12 months went into index managed fund portfolios, as advisers continue to recognise managed accounts as a significant investment vehicle for providing accessible and affordable financial advice.

The Investment Trends report also shows that one of the primary reasons advisers selected North as their main managed accounts platform was because of its existing in-specie management tools^[2].

This means advisers can seamlessly transfer assets from one portfolio to the next, allowing them to serve multiple clients within the same family and across generations while reducing buy/sell and CGT costs.

With North’s Diversified Index range, advisers can now capture low-balance accumulators who are looking to progress from a passively managed portfolio into the actively managed Index Plus (Core Satellite) portfolio as their balance grows and their investment needs become more complex.

Australia on cusp of ‘largest intergenerational wealth transfer’

The annual value of intergenerational wealth transfer has more than doubled since 2002 and could rise four-fold in real terms between now and 2050, as household wealth grows and the population ages^[3].

With 9 million Australians set to retire over the next 40 years, advisers must increasingly look at ways to help service the next generation of clients.

With its Diversified Index Managed Portfolio range, North is equipping practices with a market-leading offering that helps advisers manage intergenerational wealth transfers with ease and plan for client succession with a flexible, low-cost solution for low-balance accumulators, while also leveraging the in-specie asset transfer benefits.

With exposure to nine sectors including Emerging Market Equities, Australian and International Property and Global Listed Infrastructure, the range offers the potential for higher absolute and risk-adjusted returns as AMP continues to invest in choice and optionality for advisers. AMP Limited ABN 49 079 354 519

Brad Creighton, AMP SMA Lead Portfolio Manager said: “We’re excited to be growing our range of managed portfolios. Yes, the price point is an attractive feature of Diversified Index, however this product is really about enabling advisers to provide and construct the most robust investment solutions for their clients.

“There are always going to be clients that either require or prefer a low-cost solution. Equally, there is a considerable number of clients suited to a more bespoke and sophisticated investment solution where a mix of low-cost ‘core’ and higher cost ‘satellite’ components represent the optimal solution. Diversified Index is designed to play a role in all of those situations.”

“What makes this passive investment offering unique to North is that the single sector building blocks are portable across other North managed portfolio solutions, enabling low friction transitioning as clients’ investment needs evolve.”

“That’s what makes it a compelling investment journey solution which reaps ongoing benefits over time in the form of taxation and convenience.”

Edwina Maloney, AMP Group Executive, Platforms said: “Our mission at North is simple, helping to make North the platform of choice for more advisers because of its breadth of features, functionality and ease of use.”

“Advisers are increasingly looking for ways to service a broader pool of younger clients and we’re pleased to be giving them the support they need with an exciting new range aimed at low balance accumulators.”

“With older Australians expected to pass on $3.5 trillion in inheritances by 2050, we’re passionate about helping advisers support this critical intergenerational wealth leap by helping them capture the clients of tomorrow.”

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Notes:
[1] January 2023 Managed Accounts Report (p30)
[2] January 2023 Managed Accounts Report (p117 and 127)
[3] Wealth transfers and their economic effects (p28). Australian Government Productivity Commission, 7 December 20

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