New private wealth management firm launched by industry veterans

Finance industry veterans Steve Tucker and Paul Heath have launched their new private wealth management firm, Koda Capital.

Former CEO of JBWere, Mr Heath, and former CEO of MLC and NAB Wealth, Mr Tucker, are among Australia’s most experienced private wealth executives.

Setting the foundations for Koda Capital since leaving their previous CEO posts in 2013, they have already put together a formidable team.  Koda Capital is privately funded by some of Australia’s most reputable private equity players and former wealth industry executives.

Chairman of Koda Capital, Mr Tucker, said “The challenges facing the private wealth profession today have been well documented.  The profession can’t rely on regulation to rebuild trust; the market itself needs to take responsibility for this.

“As we considered the landscape of wealth advice, we saw a gap – that of an independent, high quality firm, staffed by experienced professionals that serve clients in a manner completely free of the conflicts of interest which exist in many firms.  We believe the wealth advice firm of the future is independent.

“We will charge clients transparent fees for our services, without any commission for selling them into products that may or may not suit them. This enables us to genuinely put our clients’ interests first at all times”, he added.

Koda Capital will provide a complete wealth management solution for high net worth individuals, families, and not for profit organisations.

The four main areas of activity for Koda Capital will be in creating investment strategies for clients’ needs and aspirations; financial planning, including advice on appropriate structures; providing advice for various generations of wealthy families; and advice within the philanthropic space.

CEO of Koda Capital, Mr Heath, said “A major benefit for our clients is that Koda Capital is not aligned with or owned by a financial institution, as opposed to the vast majority of other wealth management firms in Australia.  We will have access to the best investment solutions available without any of the structural conflicts of interest, which has caused many clients to question the impartiality of the advice they receive.

“Our key professionals will own equity in the new business.  We believe that a culture founded on the principle of partnership, combined with an opportunity to be an owner of the business, will be very attractive to those advisers who want to be at the vanguard of a new, respected direction for the profession,” he added.

In addition to being independent, Koda Capital will focus solely on private wealth management – and will not have corporate or institutional clients. Given this exclusive focus, Koda believes it is in a better position to put the best interests of clients ahead of any other considerations.

Mr Heath concluded “Our sole focus on private wealth management will ensure that all of our resources can be directed towards advice that is tailored to the specific needs of our clients.”

KEY PEOPLE

Steve Tucker – Chairman and Founding Partner
Steve Tucker has been a highly respected member of the Australian financial services community for more than 20 years. As CEO of MLC until 2013, he was responsible for all of NAB’s Wealth businesses, including MLC & NAB Wealth as well as JBWere, with combined annual revenues exceeding $1 billion and more than 5,000 staff. Steve has been a vocal champion of reform and cultural transformation in the wealth management industry. Being a director of The Banking and Financial Oath, Steve has been a vocal champion of reform and cultural transformation in the wealth management profession.

Paul Heath – CEO and Founding Partner
Before joining Koda Capital, Paul Health was CEO of JBWere, one of Australia’s oldest private wealth management companies. During his 25 years in the finance industry, Paul has also been an investment adviser and equities derivatives trader. Paul is also Chairman of Juvenile Diabetes Research Foundation and a member of the Endowment Investment Committee of the Benevolent Society.

Andrew Rothery – Non-Executive Director
Andrew Rothery founded Grant Samuel Private Equity in the 1990s and subsequently founded Archer Capital – one of the country’s most successful private equity firms. He also has advisory roles with Blackbird Ventures and LeapFrog Investments.

Lisa Gay – Non-Executive Director
Lisa Gay served as General Counsel for JBWere, Goldman Sachs JBWere and Goldman Sachs Australia. She currently chairs the board of Fauna & Flora International Australia and Voyages Indigenous Tourism Australia, is a director Indigenous Land Corporation and Chairman of the ASIC Markets Disciplinary Panel.