Westpac’s BT Financial Group has confirmed Corrin Collocott its new chief investment officer, six months after his predecessor, Martyn Wild, was ousted amid a conduct scandal.
BT Financial Group (BTFG), Westpac Banking Group’s $34 billion wealth-management arm, issued a statement on Tuesday, September 12, 2017, to announce Collocott’s internal promotion.
Collocott joined BTFG in November 2015 as head of diversified portfolios and has more recently held the title head of asset allocation.
He has more than 20 years’ experience in the financial services and investments sector, having previously been responsible for a number of multi-asset class and alternative asset class portfolios.
BTFG general manager platforms and investments, John Shuttleworth said Collocott had done “an outstanding job developing BT’s investment philosophy” during his six months as acting CIO.
“Corrin’s understanding of the capital markets, portfolio construction and investment managers will allow us to seek every opportunity to boost returns, as well as the flexibility to adapt to the ever-changing market conditions,” Shuttleworth said. “I look forward to the continued positive momentum in our investments business, delivering strong outcomes for our customers.”
Collocott had been acting in the role since Wild’s departure in March 2017. Wild left the firm in the wake of media reports BTFG had hired law firm Clayton Utz to conduct an internal investigation in response to allegations of personal misconduct levelled by two female staffers.
As reported by Fairfax Media the “inappropriate contact” complaints included references to “hair stroking” and “making disparaging references to a female’s weight”.
In a statement issued at the time, BTFG chief executive Brad Cooper said: “While some allegations were not substantiated, we immediately took disciplinary action, including a first and final warning in relation to those that were substantiated, Mr Wild then resumed his duties at BTFG. However, in light of recent developments, we’ve agreed with Mr Wild that he will leave the business effective immediately.”
Cooper said BTFG was “absolutely committed” to having a workplace that reflects the company’s values.
Immediately prior to joining BTFG, Collocott held the title manager investment strategies at $40 billion industry fund Sunsuper, where he worked for just under 10 years. Before that, he spent two years as a senior consultant with Russell Investment Group. Earlier in his career, Collocott held roles with Intech and Tower Life.
He is a fellow of the Actuaries Institute of Australia and holds a bachelor’s degree in mechanical engineering (with honours) from the University of Capetown, in South Africa.