Margie Seale

Australia’s largest investment consultancy, JANA, is pleased to announce the appointment of two distinguished leaders to its board as independent directors.

Margie Seale joins as a non-executive director and brings a wealth of board experience from the corporate and financial services sector. She currently serves as a non-executive director of Westpac Banking Corporation and Scentre Group and has previously held non-executive director roles at Telstra and Bank of Queensland. Before embarking on her board career, as managing director of leading publisher, Random House ANZ, Margie oversaw the company’s print-to-digital transformation in the ANZ market.

Tracey Ah Hee has also been appointed as a non-executive director to the JANA board. She brings three decades of experience in data and analytics, digital transformation and customer experience management. She has worked across Australia and the US for organisations including Genroe and KPMG.

In addition to joining the JANA board, Ms Ah Hee also serves as a non-executive director on the board of FinClear and is on the FCX Advisory Board.

Chair of JANA, Fiona Dunn, welcomed the two new additions to the JANA board. “We are delighted to announce the appointments of Margie Seale and Tracy Ah Hee to our board of directors. Between them, they are two of Australia’s most respected professionals in their disciplines and bring a unique range of knowledge and expertise to JANA.

“Ms Seale has extensive experience in companies undergoing change as well as both managing and governing complex organisations. Her proven business acumen and decision-making through economic cycles and market disruption will be invaluable as JANA looks to help clients increase their competitive edge and navigate complex investment landscapes.

“Ms Ah Hee has been at the forefront of technological changes and data analytics for more than three decades and will be pivotal in supporting JANA’s ongoing digital transformation program to optimise client performance and scale our business.”

“JANA is committed to fostering diversity of thought, which has consistently underpinned decision-making, helped drive positive client outcomes and shape long-term sustainable growth.

“In Ms Seale and Ms Ah Hee, we are privileged to welcome individuals who bring expertise from working across a wide range of industries. Their addition to the board strengthens our position as we continue to support clients in managing risk and attaining strong, sustainable investment outcomes.”

Ms Seale commented on her appointment, “I am very pleased to be joining the esteemed JANA board, and applying my experience across industries and governance frameworks to support JANA in its mission to make a positive difference to the lives of Australians”.

Speaking on her new role, Ms Ah Hee said, “Rapid technology innovations, increasing focus on data security and more sophisticated customer demands have made it very complex for companies to achieve profitable growth. I am looking forward to applying my expertise in data, analytics, digital and customer transformation to JANA and our clients.”

Ms. Seale and Ms. Ah Hee will begin their positions on September 7, 2023. They will be joining Fiona Dunn, who serves as the Chair and non-executive director, along with Jim Lamborn and John Coombe, both of whom hold executive director roles on the JANA Investment Advisers Pty Ltd Board.

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Georgina Dudley

Australia’s largest investment consultant, JANA, will become fully management owned following the buyout of Insignia Financial Group’s (Insignia Financial) minority shareholding.

JANA CEO Georgina Dudley welcomed the “exciting new chapter for JANA as a wholly management owned business,” signalling continued growth for Australia’s largest and most influential investment consultant, which manages more than $1.3 trillion in funds under advice.

JANA acquired a majority share of the business from MLC Wealth in 2017, which retained a 45 per cent share. MLC Wealth was subsequently bought by Insignia Financial.

The change resulted in significant growth. In 2017, JANA had 85 staff and $350 billion in investments under advice, which has risen today to more than 140 staff and more than $1.3 trillion in investments under advice.

“Over the past five years, we have seen the benefits of management ownership and how it has further aligned our focus with clients, whilst allowing us to deliver exceptional investment results and significantly grow our funds under advice,” said Ms Dudley

“Full management ownership enables us to continue to build on that success and seize even more opportunities for our clients,” she said. “This is a significant next step in JANA’s evolution, enhancing both autonomy and alignment, and linking staff directly to the success of the business and our clients.

“Moving to full equity ownership will continue to improve JANA’s ability to attract, retain and develop its people,” Ms Dudley said. Since the initial management buyout, JANA has achieved an exceptionally low turnover of staff, well below industry averages.

“JANA is committed to investing in further growth and expanding its offerings, as well as adopting new technology and sophisticated data analysis to meet the growing needs of the business and its clients, including those in the Not-for-Profit, Insurance and Wealth partnerships sectors.”

Fiona Dunn, Chairperson of the JANA Board, said, “We are very excited to have Georgina lead JANA into its next phase as we continue to drive the best possible outcomes for our clients.”

Ms Dunn thanked Insignia Financial for its support. “The partnership between JANA, MLC and Insignia Financial over the past 20 years has seen significant success and growth,” she said. We thank them for all their contribution and commitment.”

Insignia Financial’s Chief Asset Management Officer, Garry Mulcahy, a JANA Board member, said the partnership “had been productive for both Insignia Financial and JANA” and that “this resetting of the commercial relationship is on strategy and aligned to Insignia Financial’s ongoing focus on simplification”.

JANA will continue to provide investment consulting services to Insignia Financial.

Mr Mulcahy and Insignia Financial’s other representative will step down from JANA’s Board and further non-executive Directors will be announced through a structured succession in 2023.

The buyout will not impact JANA’s existing client services or agreements. The transaction is due to be completed by 31 January 2023.

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Mr Banks will be responsible for further building AUI’s business through relationships with the institutional market.

He has over 22 years’ experience in financial services and joins AUI from Morgan Stanley, where he held several senior roles including head of pension client solutions, head of transition, and head of structured solutions.

Mr Banks has also worked at Goldman Sachs JBWere, Deutsche Bank, and Macquarie Bank. He holds a bachelor of business degree from Charles Sturt University, a bachelor of arts degree from Ambassador University in California, and a graduate diploma in applied finance and investment from the NSW Securities Institute.

Ms Dunn said that Mr Banks has exceptional knowledge and experience in the development of product and customer solutions.

“Paul’s background, skills and strong relationships make him an ideal fit for AUI at this exciting stage of the business.

“Continuing to generate funds inflows for our boutique funds management partners and our property funds is a fundamental component of Australian Unity’s strategy and we believe Paul is the right person to help us achieve our growth plans,” Ms Dunn said.

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It follows the recent appointments of Jody Fitzgerald, Guy Sainsbury and Paul Ramsay to the team, which augments the support AUI provides its asset managers including its in-house property and mortgage fund businesses and its six joint venture partners – Acorn Capital, Altius Asset Management, Platypus Asset Management, Seres Asset Management, Wingate Asset Management, and Vianova Asset Management. 

Ms Hoare joins AUI from Frontier Advisors (formerly Frontier Investment Consulting) where she was responsible for providing investment advice to some of Australia’s major superannuation and other investment fund clients.  

Prior to this, she was a research fellow with the University of Melbourne, providing research support in the areas of governance and monetary policy, and health and labour economics.  Ms Hoare holds a master of commerce and economics from the University of Melbourne and a bachelor degree in arts, specialising in economics and German, from Trinity College in Dublin. 

Ms Dunn said that Ms Hoare’s significant experience in manager research and investment consulting adds another important skillset to the team and will assist AUI in achieving its growth ambitions.

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