Alex Wade, the long-standing head of developed and emerging Asia at Credit Suisse, has a new role next to his former banking boss Francesco De Ferrari.
Former Credit Suisse banker Alex Wade is joining Sydney-based wealth manager AMP, according to a media release sent on Tuesday evening. The 170-year-old firm appointed him to its Group Leadership Team as Group Executive, Advice, effective 7 January 2019.
Wade will report to AMP Chief Executive Francesco De Ferrari (pictured below) who joint the company a few months ago and will lead the continuing transformation of AMP’s advice business. In his role he will succeed AMP Group Executive, Advice and New Zealand, Jack Regan, who will retire from AMP after nearly 20 years of distinguished service.
Cleaning up a Major Scandal
AMP is mired in a major scandal over misleading customers and lying to its regulator. The revelations have already wiped out the former CEO and part of the wealth manager’s board and top management, and AMP is bleeding assets. AMP needs a «clean-skin», or someone untainted from outside to clean up.
«I’m confident we can earn back trust which will underpin the recovery of business performance», Swiss-Italian dual citizen De Ferrari said two months ago.
Strong Track Record
Wade has substantial experience in the wealth management and banking industries and has a strong track record in building and leading businesses. Most recently, he served as the Head of Developed and Emerging Asia for Credit Suisse Private Banking. He left the Swiss bank a few months ago after the firm decided to slim the management, as finews.asia also reported.
He has been with Credit Suisse for 12 years, holding other roles such as Chief of Staff for Asia Pacific and Head of Private Banking Australia. He has significant experience in financial services in Australia, Singapore and Hong Kong.
In a Process of Renewal
«The financial advice industry in Australia is in the process of renewal, and AMP and Alex Wade will play a prominent role in driving this change. I firmly believe that financial advice is essential for helping people manage their finances, and plan for retirement,» De Ferrari said.
David Akers, who has been AMP’s Acting Group Executive, Advice, while Regan has been on extended leave, will work with Wade to transition responsibilities and will return to the advice leadership team. Blair Vernon will continue as Managing Director of New Zealand.
