The Powerwrap board will oversee the company’s operations until the new CEO, William Davidson, commences in January.

Powerwrap Chairman Matthew Driscoll said the board was greatly appreciative of Mr Brant’s contribution to the company.

“Chris joined the board in July 2015 and assumed the role of interim managing director in December 2016. In that time, he has driven substantial improvements in the company’s business operations and service delivery, including a management restructure, IT developments and process efficiencies.

“Chris also drove the program to recapitalize Powerwrap and introduce new investors to help stabilise the share register.

“We thank Chris for his significant contribution and we wish him well in the future.”

William Davidson will commence as Powerwrap CEO in January 2018. Mr Davidson was formerly the CEO of Bennelong Wealth Partners, an independent wealth management boutique for high net worth clients, and the Chief Operating Officer of Bangarra, one of the largest family offices in Australia.

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The capital raising, through a private placement with pro-rata priority to existing shareholders and an institutional placement, closed oversubscribed, receiving overwhelming support from both existing shareholders and a number of new private and institutional investors.

Powerwrap Chairman Matthew Driscoll said the Board was delighted with the response.

“We are pleased to have this confirmation of our strategic direction as we seek to redefine the wealth management platform landscape,” he said.

“We welcome our new shareholders and the increased diversity in our register.”

Mr Driscoll said significant changes had occurred over the past few months to best position the company for growth, including an organisational and operational restructure, and the planned introduction of an exciting new digital wealth management interface – The Hive.

Mr Driscoll said Powerwrap was also planning to expand the Board to include independent directors as the company pursues further growth.

The capital raising, conducted by lead manager Baillieu Holst, was one of several strategic options explored by the board to better position Powerwrap for the future.

A trade sale process had also been conducted through 333 Capital. A number of potential buyers expressed interest, culminating in two proposals.

After detailed consideration of all factors, the Board concluded that it would be in the best interests of Powerwrap shareholders to pursue the capital raising, giving it the most flexibility for the future with the intention of considering an IPO later this calendar year

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