CBA to count on Lane

A former senior vice president of LibertyView Capital Management, a US hedge fund subsidiary of Lehman Brothers closed in 2008, has been appointed CEO of Count Financial.

The announcement follows the resignation of Andrew Gale.

David Lane was previously head of strategy for Commonwealth Bank of Australia’s wealth management division, which includes Colonial First State (CFS), CFS Asset Management and CommInsure.

His appointment is effective immediately.

Count chairman Barry Lambert thanked Gale for his contribution during “difficult market conditions” and for his leadership during the bank’s acquisition of Count.

Trading in Count shares was suspended on Tuesday, November 29, pending the group’s transfer into the CBA stable next week.

Settlement is expected to occur on Friday, December 9.

All eyes will then be on Lane as Count is repositioned within CBA’s business.

A US citizen, Lane relocated to Sydney with his family following the demise of Lehman Brothers in 2008.

The former operations chief of LibertyView, which was closed by Lehmans subsidiary Neuberger Berman, following the investment bank’s collapse, was previously based in Sydney from 1996 to 2002 when he was a director of investment banking for JP Morgan.

In 2009 Lane attempted to start a boutique asset management business with the backing of a private equity investor.

However the venture did not attract sufficient capital to build scale.

Lane was not immediately available for comment.