Australian Unity Investments (AUI) has restructured its operations to both manage its recent expansion and position itself to achieve its growth strategy for the next five years.
Mr David Bryant, head of AUI, said funds under management have increased almost six-fold over the past five years, from $1.8 billion to $10.3 billion and it was time to review how operations were structured.
“As a result of the changes, several new roles have been created and others have been enhanced to ensure the business is well-positioned to take advantage of existing and anticipated opportunities, and to reflect AUI’s business plan.
“Despite Australia coming out of the global financial crisis in reasonable shape, it was still one of the toughest periods on record for financial markets.
“AUI has emerged from the last 18 months better than most, having significantly expanded its existing businesses as well as adding new ones with the Lifeplan merger and the formation of an Asian equities joint venture, Seres Asset Management,” he said.
As a result of the changes, Mr Adam Coughlan, previously General Manager – Retail, has become General Manager – Institutional & Joint Ventures. In this role, he is responsible for institutional business development for a number of AUI’s joint ventures (Wingate Asset Management and Seres Asset Management), as well as AUI’s direct property business, including its retirement living investment products.
In addition he is responsible for supporting AUI’s work with all its joint venture partners (Acorn Capital, Platypus Asset Management, Seres Asset Management, Vianova Asset Management and Wingate Asset Management).
Mr Cameron Dickman, previously Head of Retail Distribution, has been promoted to General Manager – Retail, and will now also be responsible for AUI’s retail product and research functions.
To further support the expansion of its internal asset management businesses, Mr Mark Pratt, previously Chief Operating Officer, now heads up a newly-created division as General Manager – Property, Mortgages & Banking. This division includes AUI’s property and mortgage asset management businesses and the Lifeplan Building Society. A replacement for Mr Pratt’s former role of Chief Operating Officer will be recruited.
Ms Kirsty Dullahide, General Manager – Investments & Strategy, has assumed greater responsibility for merger and acquisition activities, strategic alliances, and creating new business opportunities. In addition, she has continuing responsibility for AUI’s investment and strategy functions.
Mr Charles McNeill, who recently moved from the position of Group Financial Controller at Australian Unity, to the role of Head of Finance for AUI on an interim basis, will remain in this role with AUI permanently, now reporting to Mr Bryant.
Mr Bryant said that the changes will ensure the business is organised as simply and effectively as possible, in a way that gives its front line people, joint venture partners, and clients, the support they expect and need.
“It has always been our approach to put in place the necessary resources before we need them, and by strengthening our business now, we are preparing the business for future growth.
“AUI has grown rapidly, and today has seven different asset management businesses and more than $10 billion in funds under management. It is important that we evolve our operating structure not only to manage this growth and the increased responsibilities that it brings, but to achieve the next phase of our plans.
“Our business plan includes developing a broader presence in the institutional markets, where a number our joint venture businesses have already achieved good success particularly during the last year, and continuing development of our joint venture strategy which has proved its value to AUI, our partners and their clients, during the recent difficult investment markets,” Mr Bryant said.
Australian Unity Investments is the funds management arm of financial services, health and retirement living services provider Australian Unity. It has $10.3 billion in funds under management (as at 31 January 2010). Its investment approach is to use its established in-house expertise in property and mortgages while also forming joint ventures and strategic alliances with other organisations with specialist expertise.
Its established joint ventures are Acorn Capital (Australian equities microcaps), Vianova Asset Management (fixed interest), Platypus Asset Management (Australian equities), Wingate Asset Management (international equities) and Seres Asset Management (Asian equities). It also has two wholly owned asset management businesses in property and mortgage funds, and an investment bonds business, operating as Lifeplan, which is the market leader in Australia.
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For more information please contact:
Mr David Bryant
Phone: 0412 008 184
Email: dbryant@australianunity.com.au