Asset manager Tyndall's head of institutional sales Stephen O'Brien has left the manager just a week after the departure of long-serving head of marketing Philip Galagher.
The departure of two senior staff members coincided with the announcement yesterday of the merger between Tyndall's asset management business with that of its parent Suncorp.
Tyndall chief executive Brett Himbury stressed, however, that O'Brien's leaving was "completely separate and unrelated" to the union between the two businesses.
It is not yet known where O'Brien will resurface, but Tyndall confirmed it would be in the area of alternative investments.
"It's a great shame for us [O'Brien] has left, but he's not going to a direct competitor...he had a strong view towards opportunities in alternative asset classes," Himbury told InvestorDaily.
O'Brien was not able to comment when contacted by InvestorDaily.
Melbourne-based Philip Galagher was a Tyndall veteran with more than seven years service, most recently as head of marketing.
Himbury said, however, that as a result of the merger with Suncorp the lion's share of the business would be in Sydney and the firm needed someone prepared to live there.
The combination of Suncorp and Tyndall's asset management teams will create a business with more than $27 billion under management.
The Australian operations will retain the Suncorp neutral-style equity funds, headed by Denis Donohue in Brisbane and the Tyndall intrinsic value equity funds, headed by Bob van Munster in Sydney.
The firm's fixed interest teams will merge, with former Tyndall head of bonds Roger Bridges shifted to a separate role within the fund and Suncorp's Peter Scobie taking overall command.
Himbury stressed there would be no job losses within either fixed interest team.
"We'll be adding rather than reducing staff . . . this is not about cost savings it's about revenue," he said.
Former Suncorp chief investment officer Stephen Lam has been made head of investment strategy and operations for the combined operation.
Tyndall also confirmed Simon O'Grady, formerly Suncorp's head of investment strategy, will be appointed to the newly created job of head of global macro solutions.
Craig Hobart will be head of retail for the combined business while Greg Campbell will continue as managing director of Tyndall New Zealand.
Suncorp acquired Tyndall as part of its $7.8 billion purchase of insurance group Promina in March.
