John Brogden

Chairman of the Financial Services Council (FSC), Greg Cooper, announced last Friday that John Brogden will be stepping down as CEO of the FSC at the end of the year to take up a new role as Chief Executive Officer and Managing Director of the Australian Institute of Company Directors (AICD).

FSC Chairman Greg Cooper said: “John has been a tremendous asset to the financial services industry and the FSC over the past five years as CEO of IFSA and the FSC.”

“He has significantly boosted the reputation and profile of the FSC and the industry, expanded its policy agenda to influence broader economic policy, and extended FSC membership to include trustee companies and public trustees.”

“Ensuring bipartisan support for no significant changes to superannuation and creating a financial services trade agenda for Australia – particularly on the Asian Region Funds Passport − are among the many things that John will leave in his legacy,” Mr Cooper said.

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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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FEAL Chair Neil Cochrane said: “Michael has made an enormous contribution to FEAL over the past 12 years, and leaves the Association in a very healthy position.

“Under his leadership FEAL has provided fund executives with unique opportunities to learn and develop and to extend their professional network. In Michael’s time as CEO, FEAL established the industry’s first Masters Degree in Leadership (in partnership with Melbourne Business School), initiated the Fund Executive of the Year Award recognizing outstanding leadership in super, founded a mentoring initiative, several international scholarships and has delivered many successful Forums and Conferences. As a result we are well placed to continue to build on Michael’s legacy. The FEAL Board thank Michael most sincerely and wish him continued success in his career,” said Neil Cochrane.

Michael Baldwin said: “It has been an incredible privilege for me to work with fund executives around Australia. FEAL has, and will continue to play, an important role in supporting the development of the superannuation industry. With a membership representing a significant portion of Australia’s retirement savings (forecast to grow to $4 trillion in the next 10 years*) the influence of the sector, in dollar-terms, will soon eclipse that of the Australian banking system. FEAL will support its members in preparing for the responsibilities and obligations that come with trust on a significant scale. “

Neil Cochrane said: “We are fortunate to have secured the support of Joanna Davison as interim CEO while we search for a suitable replacement for Michael. Joanna has been a valued friend and associate of FEAL for many years and brings extensive knowledge, industry networks and experience in stakeholder management.”

Michael leaves FEAL to take up the position of Assistant Director, Development, Marketing and Commercial Operations at the National Gallery of Australia in Canberra. Prior to joining FEAL, Michael held senior positions at the Powerhouse Museum (Sydney) and the Association of Superannuation Funds of Australia (ASFA).

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