Key Takeaways
- • Macquarie Group has named David Carruthers chief investment officer of its wealth management business, elevating him from head of fixed income, a role he held since joining three years ago.
- • Carruthers will lead investment strategy and governance teams comprising more than 30 investment professionals.
- • The appointment follows the departure of former CIO Paul Huxford to New Zealand's Fisher Funds Management, after close to three years in the role.
- • Carruthers joined Macquarie in 2023 after more than 14 years at AMP Capital, with a career in financial services spanning nearly 30 years.
- • The announcement comes as APRA imposed a $100 million governance overlay on Macquarie for breaching NOHC authority dating to 2019, in addition to a $500 million capital overlay applied in 2021.
Summary
Macquarie Group has appointed David Carruthers as chief investment officer for its wealth management business, according to Financial Standard. Carruthers moves up from the head of fixed income role he has held since joining the business three years ago. In the new position, he will oversee the investment strategy and governance teams, which together comprise more than 30 investment professionals.
Carruthers joined Macquarie in 2023 after spending more than 14 years at AMP Capital, where he held senior roles including head of credit and core and head of credit portfolio management. His career of nearly 30 years in financial services also includes positions at AMP Henderson Global Investors, GIO Asset Management and Westpac Institutional Banking Corporation.
The appointment follows the departure of former chief investment officer Paul Huxford, who left to join New Zealand's Fisher Funds Management earlier this month after close to three years in the role. A Macquarie spokesperson said the elevation reflects the depth of expertise within the investment strategy and governance teams, and that the group's teams use this experience to provide clients with tailored strategies to build enduring wealth.
The leadership change coincides with other developments at the group. Last week, Macquarie farewelled chief executive Shemara Wikramanayake after nearly 40 years with the organisation. Separately, APRA imposed a $100 million governance overlay on Macquarie for breaching its Non-Operating Holding Company (NOHC) authority, a breach dating back to 2019. The new overlay is in addition to an existing $500 million capital overlay that APRA applied to the group in 2021.
Carruthers joined Macquarie in 2023 after spending more than 14 years at AMP Capital, where he held senior roles including head of credit and core and head of credit portfolio management. His career of nearly 30 years in financial services also includes positions at AMP Henderson Global Investors, GIO Asset Management and Westpac Institutional Banking Corporation.
The appointment follows the departure of former chief investment officer Paul Huxford, who left to join New Zealand's Fisher Funds Management earlier this month after close to three years in the role. A Macquarie spokesperson said the elevation reflects the depth of expertise within the investment strategy and governance teams, and that the group's teams use this experience to provide clients with tailored strategies to build enduring wealth.
The leadership change coincides with other developments at the group. Last week, Macquarie farewelled chief executive Shemara Wikramanayake after nearly 40 years with the organisation. Separately, APRA imposed a $100 million governance overlay on Macquarie for breaching its Non-Operating Holding Company (NOHC) authority, a breach dating back to 2019. The new overlay is in addition to an existing $500 million capital overlay that APRA applied to the group in 2021.
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