Financial services provider AMP (ASX:AMP) has appointed Patrick Snowball from UK’s provident financial as chairman and Andrew Fay from Pendal as deputy chairman for AMP’s private markets business.
AMP notes that Patrick and Andrew will bring broad international experience of financial services and investment management, including real estate and infrastructure investment. AMP also said that both have strong knowledge and experience of listed companies, corporate governance, and investor engagement.
Patrick holds a 30-year career in financial services, in the UK and Australia, including as CEO for insurance company Suncrop from 2009 to 2015. Since leaving Suncorp, he has been chair for Sabre Insurance and IntegraFin, and is currently chair of specialist lender, Provident Financial.
Andrew brings over three decades working in funds and investment management including as the CEO of Deutsche Asset Management. He currently serves at Pendal and Spark Infrastructure, and is expected to step down from both. Andrew has also made an appearance at Cromwell Property, Gateway Lifestyle and Dexus Property.
Effective 1 November this year, Patrick and Andrew will work with AMP Capital CEO Shawn Johnson and non-executive director Michael Sammells, to continue progressing the operational separation and demerger of Private Markets, which remains on track to complete in first half of next year.
AMP expects to make further non-executive appointments to support the planned demerger in 1H 22, with a focus on establishing a private markets board with strong diversity, governance and business experience and global perspective.
Shares in AMP (ASX:AMP) are trading 0.5 per cent higher at $1.11.