Australian Fund Monitors has announced the appointment of Damen Purcell to the role of Chief Operating Officer.
Damen has over 23 years’ experience in the industry with Australian Unity Investments, Colonial First State, JANA Investment Advisers and Insync Funds Management.
Australian Fund Monitors’ Founder and Chief Executive Officer, Chris Gosselin said “We are delighted to have someone of Damen’s calibre join AFM’s team in this senior role. Damen’s experience across the financial services industry, and the managed funds and advice sectors in particular will help grow AFM’s existing business, as well as enabling us to add significant new initiatives.”
Mr Gosselin added that, “the ongoing changes and fragmentation in the financial advice industry is making it difficult for Fund Managers to grow their ‘direct to investor’ client base. At the same time these changes are creating both challenges and opportunities for the new wave of Independent Financial Advisors who have established post the Hayne Royal Commission. AFM’s database of actively managed funds is designed to enable these IFAs and High Net Worth Investors to easily track, compare and analyse the performance and key risk indicators of each fund, or create model portfolios.”
Damen Purcell stated that, “The Hayne Royal Commission has been a catalyst for change for advisers, investors and fund managers. Nearly 80% of advice AFSLs have 5 or less planners and this number is continuing to grow. Similarly, more than 50% of fund managers in the Australian and Global Equities sectors have less than $300m in FUM.”
“Clearly firms are looking to forge an independent path away from the large institutions and the inherent conflicts they bring, and I believe AFM can play a valuable role in helping facilitate this.” said Mr Purcell
About Australian Fund Monitors (AFM).
Established in 2006, Australian Fund Monitors (AFSL 324476) provides an online information service which allows IFA’s and Self-Directed Investors to research and compare almost 450 actively managed and absolute return funds either available or managed in Australia.
In 2015 AFM launched OLIVIA123 which pioneered the development of online application forms for managed funds. OLIVIA123 includes online AML and KYC processing to meet AUSTRAC’s Electronic Verification (EV) requirements and is the market leader in the provision of online applications for the Australian managed fund sector.
Chris Gosselin
Chief Executive Officer
Australian Fund Monitors
M: 0411 537 830
chris.gosselin@fundmonitors.com
https://fundmonitors.com