Frontier CEO to depart

Frontier Advisors has announced that chief executive officer, Damian Moloney, has resigned and will depart the firm on 29 March 2018.

Moloney was appointed as CEO in July 2011. According to a statement from the firm, he joined "at a time when the firm, and the asset consulting sector more broadly, was facing significant challenges from imminent superannuation fund mergers, increasing internalisation of the investment function within asset owner organisations, and an increase in competition within the consulting sector."

Prior to joining Frontier, Moloney spent 14 years at Industry Fund Services, joining as an investment consultant, and eventually becoming CEO of the key investment management subsidiary, Industry Funds Management, which he lead for 11 years. Before this, he worked in the Asset Consulting Services division of Towers Perrin.

Commenting on Moloney's departure, Frontier chair, Gabriel Szondy, said: "There is absolutely no doubt Damian has succeeded in the task he was set by the Board. Damian believes that, as his brief has been achieved, it is now time for someone else to apply his or her vision and take the firm further."

He added: "The Board expresses its gratitude for Damian's magnificent contribution to Frontier and its clients. The specific enhancements and initiatives Damian has piloted through the business, along with his strategic vision and implementation thereof, have rebuilt Frontier into the leading asset consulting business operating in the Australian investment landscape today."

The Frontier board has engaged an executive recruitment firm to assist in appointing the firm's next CEO. Moloney is yet to decide on his next move.