Insignia announces major operational model overhaul

Insignia said in a statement on Thursday that it is moving away from its current functional operating model and the new structure will revolve around four dedicated business lines, including asset management, superannuation, end-to-end platform and advisory.

The reorganization follows numerous meetings between CEO Hartley and stakeholders, including Insignia boards, team members, shareholders, regulators and key customer groups, to discuss opportunities for the company’s growth.

“These decisive changes take that feedback into account and will ultimately allow us to simplify and streamline our operating model so that we can better adapt to the needs of our customers and all of our stakeholders, now and in the future,” Hartley said.

He explained that each business line will be headed by a senior executive with overall responsibility, supported by specialist operational and management functions.

“This new structure will introduce clear lines of accountability, enabling more effective and timely decision-making, resulting in greater efficiency and cost-effectiveness, and will strengthen Insignia Financial’s risk management culture and governance,” said the CEO.

“I strongly believe that Insignia Financial is poised to become an industry leader, and these changes will support significant and sustainable improvements in operational efficiency and earnings growth, drive greater economies of scale and enable the company to become more competitive.”

Insignia’s new leadership team is comprised of current executives and new additions from outside the company, including Renee Howie as chief customer officer, with a start date to be determined soon, Liz McCarthy as chief executive officer of MLC Expand effective July 29, and Jason Sommer as chief operating officer effective July 22.

Insignia said it has named a CEO for its pension fund business, which will be announced in the coming weeks, while the company continues to search for a chief technology officer.

The new additions join the existing leadership team of the new Insignia Financial team, which includes Garry Mulcahy as CEO of MLC Asset Management, David Chalmers as CFO, Mel Walls as Chief Human Resources Officer, Anvij Saxena as Chief Risk Officer, Lawrence Hastings as Chief Legal Officer and Adrianna Bisogni as Group Company Secretary.

“These highly skilled and experienced executives have proven their ability to lead data, artificial intelligence and digital transformations, and I am pleased to welcome them to Insignia Financial,” Hartley said.

“Each brings a wealth of experience and solid track records in their fields, and I am confident that, in collaboration with the current members of the leadership team, they will drive the ongoing transformation of our organization for the benefit of all stakeholders. In time, I look forward to sharing the final nominations to this leadership team.”

Hartley was appointed CEO of Insignia Financial, following Renato Mota’s announcement last October that he would be leaving in February. Before joining Insignia, Hartley served as CEO of AMP.