Providence Wealth hires strategy head

Independent investment advisory group Providence Wealth has hired a former Emirates' sovereign wealth fund treasurer to run its investment strategy.

In the new role, Marc Wait will join the executive management committee alongside founder and investment chief Grant Patterson, director, Michael Ogg and head of Melbourne, James Smith.

Wait began his career in Australia at HSBC and Citigroup Global Asset Management managing fixed-income, currency, and money market portfolios.

Moving to London in 1999, he held positions with CGAM as a fixed-income portfolio manager.

He subsequently landed at Fidelity International as the head of short, dated bonds where he also chaired the firm's fixed-income asset allocation meetings.

After six years, he moved to Abu Dhabi to run the treasury at the Abu Dhabi Investment Authority.

Whilst there, he ran portfolios and manager selection and was involved in all asset classes invested in by ADIA. He was a member of the fixed-income executive committee and a member of ADIA's chief investment officers' forum.

Returning to Sydney in 2015 after six years with the sovereign wealth fund he has been a private investor and a member of Providence's Investment Committee since 2019.

"Having been a member of the Providence Wealth Investment Committee for three and a half years, I have experienced first-hand the firm's laser focus on serving its clients' investment needs and its strong independent culture," Wait said.

"The firm's stewardship of clients' capital and culture resonates deeply and is aligned with that of the very best investment firms that I have worked with during my career."

Patterson said leveraging Wait's extensive international experience in investment and business management will be of great value to Providence and its clients.