Platform provider Federation Alliance has appointed Alan Kenny as its acting chief executive officer, based in Sydney.
The role has been created as a result of Federation Alliance’s strong growth since it was founded last year. The business was launched through a partnership with Australian Unity to provide a comprehensive investment administration platform for financial advisers and currently has in excess of $210 million in funds under administration and is receiving $25 million per month in net inflows.
In the new role, Mr Kenny will be responsible for managing the business’ continuing strategic growth and product development, as well as overseeing its client services, governance requirements, and marketing and sales activities.
Ms Fiona Dunn, general manager of Australian Unity funds management, who oversees its six joint venture businesses, said that Mr Kenny’s breadth and depth of experience in the wealth management industry, and specifically within platform businesses, made him the ideal choice for Federation Alliance.
“Alan has outstanding knowledge of platforms and their use by the financial advice profession and his experience in building successful products from the ground up will be a significant asset for the Federation business as it enters the next important stage of its development,” Dunn said.
Mr Kenny joins Federation Alliance from AMP where he was head of product solutions and pricing for its SMSF business and responsible for managing and developing products tailored for AMP’s SMSF administration clients. Prior to this, Mr Kenny was general manager, products and investment services at Colonial First State where he was responsible for the development of Colonial First State’s products (including the FirstChoice and FirstWrap platforms), investment functions including the FirstChoice multi-manager investment team, and the performance and analytics team. He has also held a number of senior positions at State Street. Mr Kenny holds a business degree from Dublin Business School.
The Federation Managed Accounts platform was launched in 2013 through a partnership between Federation Alliance and Australian Unity. The key principals have many years’ experience working in senior capacities in the financial services sector.
Federation Managed Accounts is a contemporary, cost-effective retail platform that provides access to a wide range of managed funds and model portfolios as well as assets not widely available on other platforms, including direct international equities and exchange traded options. The Federation structure operates like a managed discretionary account, which helps financial advisers increase the efficiency of their advice process. There is also an option for clients to become shareholders in Federation Alliance, which makes it a unique offer in the platform market and an alternative platform for financial advisers and clients, which is outside the traditional bank-owned networks. For additional information visit fedalliance.com.au.
Australian Unity is a national healthcare, financial services and retirement living organisation providing services to some 600,000 Australians, including 320,000 members nationwide. Australian Unity’s history as a trusted mutual organisation dates back 170 years. It has grown organically—by continually evolving and providing the services and products needed by the communities it serves—as well as through successful strategic mergers and diversification into new business activities.
For further information please contact:
Fiona Dunn – 02 9256 8711
13 October 2014