A new adviser-led wealth firm has entered the Australian market with the launch of Granite Bay Private Wealth, positioning itself as a contemporary alternative to traditional wealth advisory models.

The business has been established by a partnership of senior investment advisers and experienced industry executives, serving high-net-worth individuals, multi-generational families and sophisticated private capital. Operating from Sydney and Brisbane, with plans to expand into Melbourne, Granite Bay is executing an ambitious growth strategy supported by a syndicate of prominent investors

Granite Bay’s founding team includes Managing Partner, Steve Moon, who brings more than two decades of private wealth experience across global institutions including Morgan Stanley, UBS and Macquarie.

Recognising changing expectations in the Australian wealth market, as high-net-worth investors increasingly prioritise transparency, contemporary infrastructure and institutional-grade investment capability, the founders of Granite Bay set out to bring together the scale and access of a global institution, delivered with the focus and care of a privately owned firm.

“The Australian wealth market is rapidly evolving. Understanding our client needs and what’s important to them was at the forefront of our mind in establishing this business,” said Moon. “We wanted to offer investors genuine choice beyond the large institutions. Both clients and advisers deserve something better, something built on experience, trust and a genuinely aligned model.”
David Asplin, joins Moon as Chief Executive Officer, bringing more than 30 years’ experience in funds management and operational leadership from QIC, Challenger and Colonial First State.
“Granite Bay has no outdated legacy systems, no inherited constraints, and makes no compromises. Everything, from our governance frameworks to our technology stack to the partnerships we’ve carefully selected, has been designed with a single intention: to deliver a premium, contemporary and secure client experience.”

Joining Moon and Asplin on the Granite Bay executive team are Matt Nicholls, Chief Operating Officer, and Jessica Brady, General Manager.

Nicholls brings more than 30 years of experience leading teams and driving operational excellence, transformation and growth across global markets, including senior leadership roles with Morgan Stanley and Macquarie. Brady has 20 years’ experience across wealth advisory and platforms, with senior roles at Macquarie, BT Financial Group and Colonial First State.

Granite Bay has appointed Damien Frawley as Founding Chair. A former CEO of QIC and Country Head of BlackRock Australia, Damien currently chairs Hostplus Superannuation and QTC Capital Markets, and serves on the boards of Mirvac and Elders.

“I chose to be involved with Granite Bay because it’s built on the principles that matter most in wealth management: strong governance, disciplined decision-making and a genuine commitment to doing things properly. This is a business that operates with the transparency and accountability that clients rightly expect,” Frawley said.

Granite Bay has appointed BlackRock, one of the world’s largest asset managers, as its Outsourced Chief Investment Officer (OCIO), giving Granite Bay clients and advisers access to BlackRock’s global capabilities and the multi-decade track record of its Multi-Asset Strategy and Solutions (MASS) team.

David Griffith, Head of Multi Asset Strategy Solutions, BlackRock Australasia, said “Granite Bay’s solutions-led model is a strong fit for our Outsourced Chief Investment Officer offering. The appointment showcases how we can deliver institutional-grade investment thinking to the private wealth market.”

Chantal Giles, Head of Wealth Australasia & APAC Strategic Clients at BlackRock, said “The Australian private wealth market is evolving at pace, with investors seeking greater accessibility, transparency, diversification, and institutional quality solutions. By appointing BlackRock as its OCIO, Granite Bay advisers will benefit from BlackRock’s multi-asset teams’ expertise to meet their clients growing demand all while bringing institutional capabilities within easier reach for their clients.”

Alongside the OCIO appointment, Granite Bay has formed a highly-credentialled Investment Committee independently chaired by Debbie Alliston, former Head of Investments at BT Investment Management and former CIO for AMP Capital’s $80bn multi-asset business, and supported by external consultants David Griffith, Head of Multi Asset Strategy Solutions, BlackRock Australasia and John Lockton, Head of Investment Strategy, MST Financial.