National Australia Bank CEO Andrew Thorburn today announced Andrew Hagger, Group Executive NAB Wealth, has been appointed as Chairman of JBWere.
Mr Thorburn said: “I am delighted to appoint Andrew to this role.”
“His expertise and counsel, including his deep knowledge of this business and the wealth sector, will serve the Board well.”
Andrew Hagger said he felt privileged to step into the JBWere Chairman’s role.
“JBWere has been helping to grow and protect the wealth of Australia and New Zealand’s most successful and innovative families, companies and for-purpose organisations for 175 years.
“I am looking forward to working with the Board and the high-calibre management team, led by CEO Justin Greiner, to continue to advance JBWere’s preeminent position as an innovator in financial services.
“We know there is real desire for expert wealth management advice amongst high net worth clients, but this market is largely underserviced.
“Our new high net worth wealth business model is designed to meet that need and forge a new way forward for private wealth advice.”
JBWere is 100% owned by the NAB Group and has recently embarked on a new Australian strategy of non-exclusive research and distribution arrangements, announcing in January a new strategic alliance with investment bank UBS, and, in April, a new strategic research and distribution alliance with investment bank, Moelis Australia. These alliances help JBWere continue to provide market leading insights, advice and exclusive investment opportunities to their clients.
Earlier this month, NAB announced its new business model for the high net worth market encompassing both JBWere and NAB Private (formally NAB Private Wealth). Under this new model, NAB Private is to become a pure private banking proposition for high net worth clients, offering specialised services such as, structured finance.
NAB Private will also connect clients to JBWere, its specialist private wealth advisory business, when clients are seeking quality advice. More than 60 NAB Private employees are moving to, JBWere, which will provide specialised wealth creation and protection advice.
Mr Hagger replaces former NAB Group Executive, Finance and Strategy, Craig Drummond. Mr Hagger’s appointment is effective 21 April 2016.
