10 December 2014

RUTH LIEW

The former boss of MLC Steve Tucker and ex-JBWere chief executive Paul Heath have teamed up to launch their own private wealth group, Koda Capital.

The two wealth veterans have secured funding from private equity players, and Koda is hoping to woo high net worth individuals, families and not-for-profit organisations to use its services.

The company will create investment strategies, provide financial planning and advice to clients in the philanthropic sector.

“As we considered the landscape of wealth advice, we saw a gap – that of an independent, high-quality firm, staffed by experienced professionals that serve clients in a manner completely free of the conflicts of interest which exist in many firms,” Mr Tucker, who left National Australia Bank last year following a management reshuffle, said.

“We believe the wealth advice firm of the future is independent.”

“Koda Capital is not aligned with or owned by a financial institution, as opposed to the vast majority of other wealth management firms in Australia. We will have access to the best investment solutions available without any of the structural conflicts of interest which have caused many clients to question the impartiality of the advice they receive,” Mr Heath added.

Mr Tucker and Mr Heath will be joined by non-executive directors Andrew Rothery, who founded Grant Samuel Private Equity, and Lisa Gay, who was formerly general counsel for JBWere and Goldman Sachs.

 

Read more at afr.com