(27 October 2009 – Australia) The new appointments to the board of the now joint venture JBWere wealth management business have been announced.Executives from both NAB and Goldman Sachs JBWere (GSJBW) have been appointed as board members to oversee the operation of JBWere, which NAB has a majority stake in.
JBWere was created through a strategic alliance between NAB and GSJBW in July, which saw NAB acquire an 80.1 percent stake for A$99 million in the private wealth business which was previously the private wealth management division of GSJBW for Australia and New Zealand.
Now a separate brand under the MLC and NAB wealth division, NAB’s deputy chief executive Michael Ullmer has been appointed as Chairman while GSJBWere managing direct Stephen Fitzgerald and senior chairman Terry Campbell will be advisers to the board.
NAB group executive of wealth management, Steve Tucker, and Archer Capital founder Andrew Rothery have both been appointed as non-executive directors.
Tucker said that the seniority and experience of the board members announced is a reflection of GSJBW and NAB’s commitment to JBWere and their projected size of the opportunity for this business.