National Australia Bank (NAB) has named Andrew Hagger as new chairman of its private wealth advisory business JBWere.
Hagger, currently the group executive of NAB Wealth, will replace Craig Drummond – the former CFO of NAB.
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NAB CEO Andrew 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."
In January, NAB ended its exclusive agreement with Goldman Sachs by latter’s remaining 20% stake in JBWere.
It entered into a strategic alliance with UBS to boost its wealth management capabilities and offer wider range of products to its private wealth clients.
Recently, NAB introduced a new business model for the Australian HNW market, under which the bank will rename its private banking arm as NAB Private.
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By GlobalDataThe unit will offer specialised services such as structured finance, and will connect clients to JBWere.
