Financial technology and software provider Rubik Financial has appointed former head of Asgard Wealth Solutions,Wayne Wilson, as managing director of its wealth management business with the responsibility to lead the operation of the new acquired Coin business.
Wilson said he planned to drive the wealth offering and expand the Coin team.
The move, which is part of Rubik's expansion into the wealth management space, follows its purchase last week of Macquarie Group's financial planning software business, Coin.
"The short to medium-term strategic plan is to make Rubik the pre-eminent provider of wealth-based IT services in Australia and to do that Coin was seen as the logical hub on which to build a more diversified and holistic offering to the marketplace," Wilson told InvestorDaily.
"We will certainly be expanding the team over the next 12 to 24 months [and] we anticipate building our professional services division quite dramatically over the next 18 months.
"We've got a few existing vacancies at the moment, which were vacancies that were there while Macquarie owned Coin, and we agreed they wouldn't be filled until we take over so we can pick the people."
He said he also expected to create some strategic management positions within the team once the structure became more developed.
Rubik chairman Craig Coleman said: "[Wilson's] experience and expertise will ensure we manage the Coin acquisition well and enhance our position in this segment.
"Wayne was instrumental in the development of a number of platform and software solutions over recent years, including Asgard's AdviserNetgain and Infinity platform."
Wilson has held a number of roles, most recently as a consultant with WRW Consulting. From 2009 to 2010, he was head of Asgard and Advance at BT Financial Group, and he held various senior positions in wealth management at St George Bank from 2005 to 2009.
Following Rubik's purchase of Coin, all key staff were moved across to the new owner.
As part of the agreement, Macquarie will continue to service the majority of Coin's boutique independent financial advice clients under a licence from Coin.
Coin will become one of the product lines of Rubik.
More than 15 of Australia's largest banks and financial institutions use Coin as part of their financial planning systems.
On 14 June, Rubik informed the market it had entered into confidential discussions with an unknown entity regarding a potential acquisition of a financial services software business.
