Insignia names new CIO: Armitage departs

Insignia Financial has combined its investment management teams after buying MLC Wealth and named Dan Farmer investment chief of the $90 billion asset manager.

The move sees the exit of MLC CIO Jonathan Armitage.

Insignia  - formerly IOOF Holdings - plans to run two distinct investment streams.

The first will cover diversified multi-asset strategies. The second will split out all directly managed single asset class strategies and will be run by Jason Komadina, general manager of direct capabilities and specialist investment services.

Commenting on the move, Insignia Financial chief asset management head Garry Mulcahy said the firm had retained exceptional talent and deep expertise within its investment teams.

"The first investment stream brings our diversified multi-asset portfolios under a single CIO, allowing for dedicated focus on multi-asset strategies," he said.

"The second stream separates directly managed single asset class strategies of Antares Equities, Antares Fixed Income, and Property, and couples that with our managed account capabilities and specialist investment services," he said.

"These changes will provide clear accountabilities, governance, and alignment around investment outcomes."

Mulcahy added that Farmer has more than 30 years of experience in investment markets and has been investment chief at IOOF since 2017.

Further, he noted that separating the directly managed single asset class strategies will enable dedicated focus and a distinct reporting line.

"Jason has 26 years of experience in the industry and brings deep expertise in developing creative business models to leverage investment capabilities," he added.

"Bringing the investment teams together provides an opportunity to capitalise on our scale as we streamline and consolidate our product range, whilst leveraging skills and knowledge across the combined business."

Mulcahy acknowledged Armitage's contribution over the past 11 years, helping to build a great team whilst delivering strong investment outcomes for clients.

"Jonathan's focus on attracting and developing investment talent has put us in a very strong position to develop and grow our business."

Stanley Yeo, MLC's deputy chief investment officer has had a title change. Yeo is now head of strategy and equities.

Separately, Brad Tallents MLC's head of super products at for seven years has left the firm.

Tallents joined from KPMG where he was most recently an associate director of wealth management.

"It's been an amazing journey and a privilege to have worked with so many great people; all of who strive to deliver better retirement outcomes for members," he posted on LinkedIn.

Tallents said he was forward to the break. "I will be playing some golf, getting through a few books, podcasts while walking the dogs, learning a few new dishes, and just putting the feet up!"