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NAB AM recruits SSGA’s Reilly
National Australia Bank's custody and asset consulting arm, NAB Asset Management has recruited a State Street Global Advisors (SSGA) executive to fill its newly created role as chief operating officer.
The NAB Asset Management announcement said former SSGA executive vice president and head of Asia Pacific, Bernard Reilly, had been recruited to fill the role.
Announcing Reilly's appointment NAB Asset Management executive general manager, Garry Mulcahy said the new COO would bring broad global experience and insights to the role.
Commenting on his appointment, Reilly said the NAB Asset Management team already had a significant footprint in the Australia funds management industry through its investment management and asset consulting capabilities, and he was looking forward to helping the business take the next step in its evolution.
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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
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