Michael Wright will succeed Peter Smith as Chair. Importantly, Smith will remain deeply involved as Founder, Evidentia Group Board Member, Generation Development Group (GDG) Director and Executive Director across GDG. He will continue to play an active role with Evidentia clients, strategic relationships, and in overseeing future strategic initiatives.

This transition reflects the Group’s long-term governance and succession planning and the Board’s commitment to continuity, stability, and sustained strategic execution as Evidentia enters its next phase of growth.

Introducing Louise Watson

Louise Watson is a highly regarded asset management executive with extensive experience leading growth and transformation across global and domestic markets. Most recently Country Head of Natixis Investment Managers Australia and New Zealand, she was responsible for driving operational transformation, expanding and diversifying institutional and adviser distribution capability, and accelerating both organic and inorganic growth.

Her career spans senior roles with leading global financial institutions including JPMorgan, Man Group, Credit Suisse, Aberdeen and Challenger. Across these organisations she played a pivotal role in developing multi-affiliate investment platforms, strengthening institutional and wealth distribution strategies and supporting advisers, wealth firms and institutional clients with differentiated investment solutions across public and private markets.

Louise is recognised for her strategic leadership, strong commercial acumen, and client-focused approach. She brings deep investment, distribution and advice industry expertise, with a strong ability to bridge sophisticated investment capability with adviser and client outcomes. Louise’s appointment comes at an important point in Evidentia Group’s growth journey, with her expertise expected to accelerate distribution opportunities and scale platform capability as the business enters its next phase.
Wright will work closely with Watson to ensure a seamless leadership transition and maintain strategic momentum across the Group.

Continued leadership and strategic stewardship

As Chair, Wright will remain closely involved in Evidentia Group’s strategic direction, corporate governance, and long-term growth agenda.

Under Smith’s and Wright’s leadership at Evidentia and Wright’s tenure as CEO of the Lonsec Group, the businesses have been reshaped and strengthened within the Australian financial services sector. Wright led the integration of Evidentia and Lonsec Investment Solutions into a scaled, market-leading managed accounts platform, while enhancing governance and risk and delivering sustained, innovation-driven growth for advisers and clients, firmly positioning Evidentia Group as one of the most trusted and progressive organisations in the managed accounts industry.

Reflecting on his transition to Executive Chair, Michael Wright said: “Leading Lonsec Group and Evidentia Group has been one of the most rewarding chapters of my career. I am incredibly proud of the transformation we have achieved and the strong, future-focused organisation that has been built.

“As the Group enters its next phase of growth, I am excited with the addition of Louise and her significant expertise and look forward to supporting Louise and the leadership team as Evidentia’s Chair. This transition allows me to continue contributing to Evidentia’s long-term strategy, governance and ambition while ensuring the business remains well positioned for the future.”

Further reflecting on the transition, Founder and Director of Evidentia Group – Peter Smith said, “It has been particularly rewarding to see Evidentia and Lonsec Investment Solutions come together under Mike’s tenure as CEO to create a scaled and leading managed accounts business, which has continued to grow and strengthen its position in the market.”

Support from Generation Development Group

Grant Hackett, CEO of Generation Development Group, said: “Mike has demonstrated exceptional leadership throughout his time leading Evidentia Group and Lonsec Group. His strategic vision, focus on governance and risk, and commitment to delivering value for advisers and clients have been instrumental in shaping these businesses.

“We are delighted that Mike will continue to play a critical role as Chair of Evidentia Group, providing continuity and strategic leadership as the organisation enters its next phase.

“Importantly, we are pleased that Peter Smith continues to play an active and influential role across Evidentia and GDG as Founder and Director, maintaining strong continuity across clients, market relationships and strategic initiatives.

“We welcome Evidentia Group’s new CEO – Louise Watson, a highly experienced asset management leader with a proven track record in scaling investment businesses and driving strategic growth, who will commence in the role in August.

“GDG remains strongly committed to supporting and investing in Evidentia’s next phase of growth. The combination of ASX 200 backing and preserving the entrepreneurial culture of the business positions Evidentia strongly for continued expansion.”

A planned and positive transition

The Board emphasised that this transition is the outcome of a structured and considered succession process, designed to support Evidentia Group’s long-term growth strategy.

Evidentia Group remains focused on delivering exceptional outcomes for advisers, clients and shareholders, and this leadership evolution underscores the Group’s commitment to strong governance, continuity, momentum and market leadership.

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Mike Wright

The Lonsec Group (Lonsec) has announced a strategic realignment of its businesses as it continues to strengthen it capabilities and prepare for future growth. This follows the announcement by parent company Generation Development Group (GDG) earlier today of the acquisition of managed account business, Evidentia Group (Evidentia).

Following the acquisition of Evidentia, Lonsec’s research and managed account businesses will realign into two new business units, Lonsec Research and Ratings and Evidentia Group. The new Evidentia Group is the combination of the acquired Evidentia, together with Lonsec Investment Solutions and Implemented Portfolios.

Highly regarded executive Mike Wright, who has served as Group Chief Executive Officer of the Lonsec Group for the past four years, will take up the role of Chief Executive Officer at Evidentia Group. He steps into this leadership function within a fast growing and highly dynamic managed accounts sector that is expected to grow from $206 billion in 2024 to some $474 billion by 2030^[1].

Lonsec Research and Ratings will comprise the Lonsec Research, iRate, and SuperRatings brands.

Lorraine Robinson has been appointed Chief Executive Officer of the newly formed entity, readying the business for future expansion. Over the past five years, Lorraine has held the position of Executive Director of Lonsec Research, propelling the business into unparalleled growth during her tenure. Today, the Lonsec business encompasses over 1,800 managed investments, listed securities and superannuation funds researched or rated through its Lonsec Research and SuperRatings brands.

Lonsec’s unrivalled research and ratings track record continues

Grant Hackett, Group Chief Executive Officer at GDG thanked the Lonsec executive team for its enthusiasm to embrace the realigned roles and company structure.

“GDG is excited about the next growth phase for the newly formed Evidentia Group under Mike Wright’s leadership. Equally, the seamless transition of Lorraine Robinson to lead and guide Lonsec Research and Ratings provides a strong platform in support of GDG’s continued investment in the growth and success of our market-leading research business.

“Lorraine is the natural choice to lead the business in its next growth phase and continue to build on the integrity and proud Lonsec heritage of high-quality independent research and ratings services – upon which informed investment decisions are made daily.”

Wright to lead the undisputed leader in the managed accounts sector

With a proven track record of rapid growth in managed account businesses, both at Xplore Wealth and as Lonsec Group’s CEO, Mike Wright brings over 30 years’ financial services experience to his new role. His extensive career in the wealth management sector includes a broad range of leadership roles at BT, Westpac, and ANZ.

He said: “I am thrilled about the next iteration of Lonsec’s journey. This is a celebratory milestone for Lonsec and a testament to the entire team’s contribution to create today’s successful business. Lonsec Investment Solutions has made fantastic strides in the past five years, and it’s exciting to continue that, but also hand the research baton to Lorraine’s proven leadership.

“I’m excited to be working closely with Evidentia Co-founder Peter Smith, who has built a phenomenal business over the past 5 years, and I believe the collective strengths of Evidentia, Lonsec Investment Solutions and Implemented Portfolios will provide unrivalled end-to-end managed account solutions for licensees, financial advisers, and their clients.”

Peter Smith, co-founder of Evidentia, will assume the role of Executive Chairman of the newly formed Evidentia Group and join the Board of Generation Development Group.

Grant Hackett said: “Mike embraced this new opportunity under our realignment and is unequivocally the right individual to lead a new business formed by two managed account market leaders, with a combined total of $25 billion in funds under management (FUM). Mike’s proven leadership and capacity for innovation, makes him an exceptional fit to help take this newly merged business, Evidentia Group, to new heights.”

Robinson to lead the industry-leading research and ratings business

Lorraine Robinson, Chief Executive Officer at Lonsec Research and Ratings said: “The newly established Lonsec Research and Ratings unifies our award-winning research brands, bringing all our centres of research excellence into one business unit, allowing us razor sharp focus on our core vision of helping Australians make better business decisions.

“This realignment of the businesses, backed by GDG’s continued dedication to investing in our growth and continued success, will help us to drive innovation and explore new services for each of our unique client cohorts, working with them closely and remaining at the very forefront of the ever-evolving research sector.”

With the establishment of Lonsec Research and Ratings, the business will continue its unrivalled legacy of fearlessly independent research and ratings services across a broad spectrum of Australia’s investment, superannuation, financial advice, and services sector.

Lonsec Research and Ratings comprising of Lonsec Research, SuperRatings and Lonsec’s award winning research portal iRate, will continue to operate under their distinctive, independent brands. Kirby Rappell, Executive Director of SuperRatings will continue to head up the Superannuation research division and remains an integral member of the leadership team.

Whilst each of the brands service different customer bases, underpinning all is a mandate to provide meaningful insights, data, benchmarking and reporting on investment and superannuation products. Through this unification, Lonsec Research and Ratings will be able to leverage the strengths across all teams to enhance its broader market proposition.

Lorraine’s career within the financial services industry spans over 30 years, with leadership and investment positions in prominent organisations such as Evans and Partners, Goldman Sachs, and Macquarie Group. She brings to the role a deep and broad understanding of the research sector, as well as in-depth, hands-on experience in investment markets.

Final word: An enduring heritage of knowledge and strength in research and managed accounts

Established in 1994, Lonsec has expanded significantly over the past 30 years to become Australia’s market leading and pre-eminent Investment Research provider to the financial services sector.

In 2014, iRate – Lonsec’s award-winning and market leading investment research portal, was purchased by Lonsec, elevating its research service offering to financial advisers and their clients, and accessed today by over 5800 users.

In 2015, responding to the growing administrative and regulatory demands being placed on financial advisers, Lonsec launched its managed accounts business – Lonsec Investment Solutions (LIS), offering a diverse range of managed portfolio solutions, including MDA capability, through its acquisition of Implemented Portfolios in 2022. Its managed account business has grown to $12.7 Billion in funds under management over the past nine years.

Today’s realignment of the Lonsec operating businesses, under market leading executive leadership, backed by the continued investment and resources of GDG Group, heralds a new phase for the Lonsec brand to continue a proud legacy of exceptional performance and enhanced customer experience.

———–

Notes:
[1] IMAP (Jun-20-24), NMG Consulting (historical SMA type splits and all forecasts including the treatment of MDA as including MDAs, IMAs and other discretionary with no roll-forward or adjustment for MDA managers that did not provide data to IMAP in Jun-24

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Rob Coombe

Generation Development Group (ASX: GDG) has entered into a binding agreement to acquire 100% of Evidentia Group (Evidentia), significantly strengthening its position in the rapidly growing managed accounts market, which is currently valued at over $200 billion^[1]. The managed accounts sector is expected to grow at an impressive 15% per annum from 2024 to 2030.^[2]

Founded in 2018, Evidentia is Australia’s leading provider of tailored managed account and investment management solutions with $12.7 billion in funds under management (FUM), presenting an exceptional growth opportunity for Generation Development Group.

Generation Development Group’s acquisition of Evidentia and subsequent merger with Lonsec Investment Solutions will bring together two of the leading and fastest growing managed account providers as the undisputed leader in the market, with a combined total of over $25 billion FUM. By merging their collective strengths, Generation Development Group will provide leading end-to-end investment management and managed account solutions for licensees, financial advisers, and their clients. The newly formed business will be branded as Evidentia Group.

Rob Coombe, Executive Chairman of Generation Development Group, said: “I’m incredibly excited to be welcoming the talented team at Evidentia to the Group. We look forward to continuing to invest in the combined business to drive growth in one of the most dynamic areas in the wealth management industry in Australia.”

Over the past decade in Australia, the demand for separately managed accounts (SMAs) and managed discretionary accounts (MDAs) has grown rapidly, driven by structural changes in wealth management and increasingly sophisticated investor needs. This growth is reflected in a 27% p.a. increase in the size of the managed accounts market, from $80 billion in 2020 to $206 billion in 2024^[3]. This demand is being driven by licensees and financial advisers focused on delivering better client outcomes and enhancing the overall client experience, while also improving operational efficiency and managing business risks.

Grant Hackett, Group Chief Executive Officer of Generation Development Group, said: “This acquisition is a highly strategic and attractive opportunity that is perfectly aligned to Generation Development Group’s broader growth strategy, following the acquisition of Lonsec Group. The Group expects the managed accounts market to grow to $474 billion by 2030^[4]. Both Evidentia and Lonsec Investment Solutions have been among the fastest-growing businesses in the industry, and together, they will create a clear and undisputed market leader in the rapidly growing managed accounts sector.”

Managed accounts are considered the next evolution in Australian wealth management, similar to the rise of investment platforms over the past 25 years. They simplify administrative burdens, allow for customisation of portfolios, and enhance communication and scalability. These benefits deliver a more personalised investment experience, improved after-tax performance and investment outcomes.

Re-shaped businesses and executive teams

The acquisition of Evidentia has provided Generation Development Group the timely opportunity to reshape and strategically align its businesses to deliver growth. This will ensure it continues to deliver exceptional performance and enhance its customer propositions across each of its products and brands. Moving forward, Generation Development Group will operate three distinct businesses: Generation Life, Lonsec Research and Ratings, and Evidentia Group, which will be formed through the merger of the Evidentia and Lonsec Investment Solutions businesses.

Peter Smith and Michael Wright will lead the newly formed Evidentia Group. Peter Smith, co-founder, Chief Executive Officer and Chairman of Evidentia, will assume the role of Executive Chairman at Evidentia Group and join the Board of Generation Development Group. Michael Wright, who has served as Group Chief Executive Officer of the Lonsec Group, will assume the role of Chief Executive Officer at Evidentia Group.

Peter Smith, Executive Chairman of Evidentia, said: “The combination of Evidentia and Lonsec Investment Solutions will continue to build upon the expanded team of over 30 investment management professionals, adding more experienced portfolio managers with strong financial advice expertise, and specialist resources including strategy-based portfolio design and business support. Working groups have been established to evaluate client-focused benefits due to the scale of the combined business, ensuring all benefits created are realised and reinvested back into the business, creating a stronger value proposition for our financial advisers and clients.”

Lonsec Research and Ratings will operate as a stand-alone business, with the Lonsec brands – SuperRatings and iRate aligning under it, bringing all the collective research strengths and areas of key excellence into one business unit. Lorraine Robinson has been appointed Chief Executive Officer of Lonsec Research and Ratings, previously serving as Executive Director of Lonsec Research, which has grown to become one of Australia’s largest and most respected providers of investment research for the financial services sector, evaluating and rating over 1,800 managed investments, listed securities, and superannuation funds. Generation Development Group will further build upon this momentum and is dedicated to investing in the growth and continued success of the research business.

Michael Wright, Chief Executive Officer of Evidentia, said: “Bringing together Evidentia and Lonsec Investment Solutions is an exciting next step in our rapid growth journey for both our managed account and research businesses, as well as the broader Generation Development Group. It also provides a logical and timely opportunity to merge Evidentia with Lonsec Investment Solutions while establishing Lonsec Research and Ratings as a stand-alone business, enabling each brand to focus on their core strengths and value propositions and preparing each business unit for their next evolution of growth.”

Amanda Smerdon has been appointed to work alongside Grant Hackett, Group Chief Executive Officer at Generation Development Group, to help lead the Group’s transformation. As part of her role, she will work alongside key executives to oversee the separation of the newly formed Evidentia Group and Lonsec Research and Ratings businesses, to transition shared services in a phased approach. This will ensure each business remains independent and is structured to maximise performance and superior market-leading client outcomes.

This transaction and the strategic alignment of Generation Development Group’s businesses will continue to deliver best-in-class investment solutions and services from Generation Life, Lonsec Research and Ratings, and Evidentia Group, further strengthening our growth strategy. The Group remains committed to adding value and upholding the high standards of service that clients expect as market leaders across each of its products and brands.

The transaction is expected to complete in mid February 2025 following completion of an associated capital raise.

———-
Notes:
[1] IMAP (Jun-20-24), NMG Consulting (historical SMA type splits and all forecasts including the treatment of MDA as including MDAs, IMAs and other discretionary with no roll-forward or adjustment for MDA managers that did not provide data to IMAP in Jun-24
[2] Ibid
[3] Ibid
[4] Ibid

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Brett Pickett

MLC Life Insurance has stepped up its group insurance team, appointing Brett Pickett as Head of Group Pricing to deliver on the business’s plan to offer both competitive and sustainable pricing in a move to secure major new partners.

“Super funds know we’re big enough to deliver and small enough to care,” says Mark Puli, Chief Group Insurance Officer for MLC Life Insurance, “they see our great offering to their members paired with a competitive approach to pricing that’s actually sustainable.”

“Watch this space,” he says. “We have big plans in group insurance which is why we’ve built out an incredible team to deliver on our promise to trustees and their members.”

“Trustees want the best outcome for their members in a strong and competitive market, and we’re serious about providing them with a very attractive offering,” Mark Puli says.

With this senior appointment, MLC Life Insurance has reiterated the depth of its industry-leading proposition to super funds across the board, from pricing and product, to claims and technology.

“We’re continuing to leverage our rich history being the best in claims and our deep expertise in sustainable pricing,” Mark Puli says.

“There’s a reason we’re the partner and engine room behind the past two winners of ChantWest’s best fund for insurance award,” he says, “and it speaks to our deep commitment to providing expertise and insight to trustees and their members.”

Following the recent appointment of Peter Smith to Head of Business Development, Brett joins a deep bench with runs on the board in delivering for significant partners, including Woolworths and Telstra Super.

“Bringing his deep strength in Group valuation, capita and value reporting with a risk lens that ensures sustainability, Brett will work closely with Jenny Liu and comes to lead a highly experienced team that have already successfully priced a number of winning tenders.”

The appointment of Brett Pickett to Head of Group Pricing solidifies the strengths of MLC Life in using pricing to provide insights about members’ needs to trustees as well as emerging trends about the way we think about insurance needs to give value to members.

“Brett has the actuarial and economic background to help navigate tough, risky and uncertain times, to ensure innovative solutions and pricing that’s sustainable and competitive over the cycle,” Mark Puli said.

Brett Pickett brings with him a rich understanding of sustainable and competitive pricing, and a strong risk and financial background that will lift the technical abilities of the team over time, continuing the journey of advanced modern pricing techniques, and allowing MLC Life to price more effectively to the needs of trustees and their members.

Brett has more than 20 years’ experience in insurance and economics, including as head of TAL’s Group risk finance team and most recently leading TAL Australia’s strategic capital and commercial solutions.

“MLC Life Insurance have an incredible history and longevity, while offering what I think is the best proposition to super funds in market,” Brett Pickett said, “and I couldn’t be more excited to help secure more partners and deliver that promise for life to more members.”

Brett commences in the role on 24 July.

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Peter Smith joins MLC Life as Head of Business Development, bringing extensive experience in leadership and business development, having previously worked in leadership roles with companies such as Resolution Life, Munich Re, Lockton and MetLife.

In previous roles, Peter has played a senior leadership role in delivering insurance solutions for funds like Hostplus, Cbus, Rest and First Super, with a strong focus on partner delivery and the total member experience.

He will be instrumental in growing the business’s group insurance distribution and executing a new business development strategy focused on the integration of a new group insurance digital capability to help super funds transform the insurance journey for their members.

“Following a period of stabilisation, we’re excited to return to focus on sustainably managing risk and growth across the business, particularly in the group insurance space,” Kent Griffin, MLC Life Insurance Chief Executive Officer said. “Peter is a key appointment to our team and shows how focused we are on demonstrating how our total customer experience benefits both trustees and superannuation fund members.”

“MLC Life has gone through a period of massive transformation,” Mark Puli, MLC Life Insurance Chief Group Officer said, “and Peter’s significant experience and outstanding commercial mindset will position us well as we continue to build a highly skilled team and offer a competitive advantage to our partners and their members.”

“Our ability to deliver an excellent member experience, including through digital integration, helps us meet and exceed the expectations of members, and Peter will help us make that case to our current and prospective partners.”

Speaking about his appointment, Peter Smith said, “As part of the global Nippon Life Group, few are better placed to understand member needs and the ethos of Australia’s industry super funds than MLC Life Insurance as the only true mutual in life insurance, and I’m looking forward to making that case to trustees.”

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