Friday, March 1, 2024

Former AMP executive steps into top job at Insignia Financial

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John Wylie, chief executive of Tanarra Capital, said Mr Hartley’s appointment was welcome news. Tanarra has a 14.55 per cent stake in Insignia.

John Wylie is the founder of Tanarra Capital. Eamon Gallagher

“We think Scott Hartley has got the relevant skills to drive Insignia forward in a really positive way,” said Mr Wylie, citing Mr Hartley’s experience at Sunsuper – now Australian Retirement Trust – along with MLC and AMP.

Mr Hartley was largely considered AMP chief executive Alexis George’s second in command, and oversaw AMP’s core wealth platform, domestic financial advice and superannuation operations, until he exited the company in a May restructure.

“He’s done a good job at AMP wealth, and it gives him a lot of direct experience relevant to Insignia,” said Mr Wylie, adding Insignia was an excellent platform with a lot of potential.

Mr Hartley’s job, he said, would be improving the company’s efficiency and technology, while driving growth in a competitive system.

“Our prior experience with Scott Hartley suggests he’s very capable of doing that,” he said.

Insignia chairman Allan Griffiths said Mr Hartley would bring a “fresh perspective” to the business in a “pivotal” moment.

“Scott’s deep experience and strategic leadership will be critical as we continue to build on our established foundations and move forward with clarity and focus on the opportunities our market position and capabilities provide,” Mr Griffiths said.

Mr Hartley said he was joining Insignia at a transformational time, with a goal of accelerating the execution of the company’s strategy.

He worked as Sunsuper chief executive until 2019, before leading AMP’s wealth management below Ms George from 2021.

Insignia hived off its self-employed financial adviser arm mid-last year as part of a plan to return to profitability, but retains its superannuation and digital financial advice businesses. It reported $209 billion in funds under management in its October annual report, and an underlying net profit after tax of $195 million, down from $234.5 million.

Insignia will deliver its half-year results this month.

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