Macquarie wealth investment strategy chief exits

afr.com:

Macquarie Group’s wealth management division is without a head of investment strategy. Street Talk understands Jason Todd is no longer at his post after almost six years in the job.

Macquarie’s banking and financial services arm has cut the number of advisers on its books. AFR

The departure comes amid a wave of layoffs in the banking and financial services arm which has seen Macquarie cut the number of advisers on its books. The job cuts reflect a changing environment both internally and externally as the bank’s business priorities and customer demands shift, and it looks to manage costs.

Todd joined the silver doughnut as head of Australian macroeconomic research in 2015 after a stint as CIMB’s head of equities across Hong Kong and China. He has also previously had stints as a global equity strategist for Religare Capital, Morgan Stanley and JPMorgan.

He moved into the wealth management unit in 2018 to head up its research efforts. There, he ingratiated himself in the funds management community and was hauled out to speak at a range of conferences, including the keynote for the Stockbrokers and Investment Advisers Association in May. Todd’s market/asset allocation views were highly influential – relied upon by Macquarie’s private bankers on decisions where to direct client’s funds.

Macquarie reported a first-half net profit slump earlier this month as market volatility and fewer opportunities to trade assets led to a dip in activity across its business lines, from deal making to funds management.