National Australia Bank CEO Andrew Thorburn today announced Andrew Hagger, Group Executive NAB Wealth, has been appointed as Chairman of JBWere.
Mr Thorburn said: “I am delighted to appoint Andrew to this role.”
“His expertise and counsel, including his deep knowledge of this business and the wealth sector, will serve the Board well.”
Andrew Hagger said he felt privileged to step into the JBWere Chairman’s role.
“JBWere has been helping to grow and protect the wealth of Australia and New Zealand’s most successful and innovative families, companies and for-purpose organisations for 175 years.
“I am looking forward to working with the Board and the high-calibre management team, led by CEO Justin Greiner, to continue to advance JBWere’s preeminent position as an innovator in financial services.
“We know there is real desire for expert wealth management advice amongst high net worth clients, but this market is largely underserviced.
“Our new high net worth wealth business model is designed to meet that need and forge a new way forward for private wealth advice.”
JBWere is 100% owned by the NAB Group and has recently embarked on a new Australian strategy of non-exclusive research and distribution arrangements, announcing in January a new strategic alliance with investment bank UBS, and, in April, a new strategic research and distribution alliance with investment bank, Moelis Australia. These alliances help JBWere continue to provide market leading insights, advice and exclusive investment opportunities to their clients.
Earlier this month, NAB announced its new business model for the high net worth market encompassing both JBWere and NAB Private (formally NAB Private Wealth). Under this new model, NAB Private is to become a pure private banking proposition for high net worth clients, offering specialised services such as, structured finance.
NAB Private will also connect clients to JBWere, its specialist private wealth advisory business, when clients are seeking quality advice. More than 60 NAB Private employees are moving to, JBWere, which will provide specialised wealth creation and protection advice.
Mr Hagger replaces former NAB Group Executive, Finance and Strategy, Craig Drummond. Mr Hagger’s appointment is effective 21 April 2016.
JBWere is a leading private wealth manager providing wealth strategy, advice and investments to Australia and New Zealand’s most successful people, companies and for-purpose organisations. The company has more than 500 people across its nine offices and over $45b in assets under advice. JBWere is part of the NAB Group.
About Andrew Hagger
Mr Hagger joined NAB in 2008 to lead the Private & Institutional Wealth business and has since held a number of senior roles in the bank, including Executive General Manager of MLC & NAB Wealth’s insurance business and Group Executive People, Marketing & Communications. Currently, he is the Group Executive, Wealth, and the CEO of MLC, and is responsible for NAB’s asset management, superannuation, investments, wealth advice and insurance businesses.
Prior to joining NAB, Mr Hagger spent 21 years with PricewaterhouseCoopers in various roles, including Melbourne Managing Partner and a member of PwC’s Firmwide Leadership Team.
Mr Hagger has a Masters of Applied Finance degree (Macquarie University), a Bachelor of Economics degree (University of Adelaide) and is a Fellow of the Institute of Chartered Accountants in Australia. He is currently Chair of the Olivia Newton-John Cancer & Wellness Centre Appeal Committee.