Evans Dixon has appointed a new chief executive after its former head resigned to salvage its struggling US property fund, while the group’s chief financial officer and company secretary has decided to depart, citing health reasons.
Former McGrathNicol executive chairman Peter Anderson has commenced as the new chief executive, having been an independent non-executive director at Evans Dixon since April.
Mr Anderson will step down from the board pending his role being replaced, with the company saying it is ensuring an “appropriate balance of independent directors”.
Executive chairman David Evans had been acting as interim chief executive for the past few weeks since former boss Alan Dixon stepped down to work in management of the company’s troubled US Masters Residential Property Fund (URF). Mr Dixon has remained as an executive director.
All the while, chief financial officer and company secretary Tristian O’Connell has decided to retire to focus on his health. Warwick Keneally, chief financial officer of the Evans Dixon Funds Management arm, will be acting as a temporary fill-in, until the firm secures a replacement.
On Mr O’Connell’s retirement, Mr Evans commented: “The board thanks Tristian for great contribution and dedication over his 14 years with the firm.
“Whilst we are disappointed Tristian is leaving, we fully understand and support his decision to step away from the business after enduring health challenges over the past 12 months.”
Mr Anderson said he was excited to be joining the firm at an “important time” for the business.
“The last six to nine months has been challenging; however, I firmly believe that the core strengths of the business in terms of its team of highly talented people, its increasingly diverse and strongly performing product portfolio, and large and loyal base of clients continues to give Evans Dixon exceptional competitive advantage,” he said.
During his tenure at McGrathNicol, Mr Anderson was credited with overseeing the transformation of the business from a specialist restructuring practice to a business with more than 50 per cent of its turnover relating to general advisory services.
“We had begun an executive search process; however, when it became apparent that Peter was available to lead the business, the decision was clear. He is greatly respected by the rest of the board, Evans Dixon management and staff,” Mr Evans said.
“Peter has more than 25 years’ experience leading a number of Australia’s largest and most complex restructuring engagements focusing on a clarity of strategy and disciplined implementation.”
The investment firm downgraded its profit in May, having said it was expecting to deliver earnings before interest, tax, depreciation and amortisation (EBITDA) for FY19 in the range of $35 million to $38 million. The year before, it had generated EBITDA of $50.1 million.
Formed by a merger of Dixon Advisory and Evan & Partners in 2017, Evans Dixon looks over $6.7 billion of assets in fund management.
In wealth advice, it services more than 9,000 clients and represents more than $20 billion in funds under advice.
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