Tynan Mackenzie chief executive Tony Fenning is to be replaced current by chief operating officer Mark Meehan at the end of the month.
Meehan has been understudying Fenning since his appointment in January, Fenning said. “He’s the right person for that opportunity,” Fenning said.
Fenning joined Tynan Mackenzie in 1999 and was at the helm of the successful sale to Axa in 2002. Axa, through ipac, acquired 33 per cent of Tynan Mackenzie in 2002 and the balance in 2006.
Meehan was previously executive director of Monitor Money and, prior to that, head of distribution at Axa.
Fenning has not yet announced his professional intentions post-Tynan Mackenzie but said there were “lots of exciting opportunities out there”.
“The industry is entering an interesting state of change and is creating lots of ways of approaching the market. I think there’ll be a whole new series of business models over the next few years,” Fenning said.
“I have mixed feelings about leaving. It’s one of the better businesses in the industry. The people here are amongst the best.
“It’s sad to leave but my basic skills and competencies are taking businesses to this stage rather than from that stage onwards.
“I see my core skills as helping people refurbish and upgrade business and I get a kick out of building high quality advisory firms.”
Tynan Mackenzie has 32 advisers and $3 billion under advice.
