Bennelong Funds Management (BFM) has restructured its leadership team by hiring Mike Pratt as new chairman replacing Bruce Loveday.
In his new role, Pratt will be responsible for supporting the leadership team as it delivers on BFM’s strategic vision. He will also serve as a non-executive chairman of the board.
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Pratt has been on the BFM board since 2013 and has been on the board of Bennelong Group since 2012.
Additionally, the CEO of BFM Jarrod Brown has stepped down from the firm.
In the interim, BFM chief financial officer Jeff Phillips and head of distribution Andrew Aitken will jointly manage the chief executive role.
Meantime, Loveday will remain with BFM until later of this year to ensure a smooth transition nad to assist Aitken and Phillips in their interim roles.
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By GlobalDataThe company said that the search for replacement of the role is well advanced.
Bruce Loveday executive chairman BFM said: "In the six years since the business was formed, BFM has enjoyed significant growth; however we recognise that changes are necessary if the business is to achieve its full potential over the coming years."
"We are very excited about the potential of our business, and in particular the opportunity to broaden BFM’s offer through the acquisition of new teams and by expanding the distribution footprint to capitalize on opportunities domestically and globally. The new leadership structure will enable the business to achieve these ambitions," he added.
