Multi manager Russell Investment Group is hiring staff from other institutions to target independent financial advisers.
Three executives have been hired within its retail investor services business and the group has promoted one of its managers to expand its burgeoning asset management service to dealers.
Peter Burnett, formerly Russell’s Victoria/Tasmania State Manager, has been given the newly created job of national sales development manager, based out of Melbourne.
“His role is about finding unconventional opportunities for us in the market,” Russell retail investor services managing director Chris Corneil said.
Macquarie Bank’s Jeanette Bredberg has taken over Burnett’s previous job.
Bredberg was Macquarie Wrap’s strategic business manager for Victoria before leaving to join Russell.
She had worked for the bank since 1995, including stints in margin lending and private banking.
Meanwhile Mehernavaz Edibam has taken on the newly created job of national services manager.
She was previously working for SIE Investments in London in their private bank and relocated to Australia before taking up the job with Russell.
Mehernavaz will manage Russell’s major clients, external researchers and reporting business.
The fourth addition is Damon Riscalla, who has been hired as business development manager for Victorian and Tasmania.
Riscalla left Adelaide Bank’s Leveraged Equities division and will draw on his experience of working with dealer groups.
Advisers are outsourcing their asset management functions to Russell because they don’t have them time to do it themselves and clients are not willing to pay for it, Corneil said.
“Five years ago only a few would have done this,” he said.
