Macquarie Funds Group (MFG), the asset management arm of global banking institution Macquarie Group, has appointed Paul Hennessy as its national head of distribution for managed investments.
He will replace Bruce Murphy, who is set to become Bank of New York (BNY) Mellon Asset Management Australia’s managing director.
Hennessy will be responsible for MFG’s Australian fund distribution for retail and institutional investors and other intermediaries.
He was previously MFG’s head of institutional distribution in Australia. He joined Macquarie’s funds management unit in early 2008 and prior to that spent four years with Macquarie Securities in Asia, where he was global head of account management.
Hennessy also had a stint at the institutional division of the Canadian Imperial Bank of Commerce before joining Macquarie.
Murphy’s departure comes over a month after Macquarie agreed to buy US-based fund manager Delaware Investments for $516 million.
His immediate goal is to continue to grow BNY Mellon’s asset management business in Australia, a BNY Mellon statement said.
Murphy, who has over 20 years of asset management experience, replaces James Gruver, who is to take up a new senior leadership position in the United States.
