Australian Fund Monitors appoints COO

Research provider Australian Fund Monitors has appointed distribution specialist Damen Purcell as their new chief operating officer.

Purcell was most recently the national distribution manager for insync Funds Management and spent more than nine years with Australian Unity Investments as head of distribution. He has also held roles with JANA Investment Advisers and Colonial First State.

"We are delighted to have someone of Damen's calibre join AFM's team in this senior role," said Australian Fund Monitor's founder and chief executive Chris Gosselin. "Damen's experience across the financial services industry, and the managed funds and advice sectors in particular will help grow AFM's existing business, as well as enabling us to add significant new initiatives."

Gosselin says AFM views the increase in the number of independent financial advisers post-Hayne Royal Commission as an opportunity for the organisation. "AFM's database of actively-managed funds is designed to enable these IFA's and High Net Worth Investors to easily track, compare and analyse the performance and key risk indicators of each fund, or create model portfolios."

"Nearly 80% of advice AFSL's have five or fewer planners and this number is continuing to grow," said Purcell. "Similarly, more than 50% of fund managers in the Australian and Global Equities sectors have less than $300m in FUM.

"Clearly firms are looking to forge an independent path away from the large institutions and the inherent conflicts they bring, and I believe AFM can play a valuable role in helping facilitate this," said Purcell.

Insync investment strategy lead Grant Pearson told Industry Moves, "Insync has been expanding its distribution effort and as part of this Damen's particular skills and efforts have brought Insync to the next stage of growth. Our incredibly strong performance over all timeframes and excellent performance during this crisis mean our FUM and support is growing well.

"Damen has taken the opportunity to move into a role at Australian Fund Monitors (AFM) working with boutique fund managers, investors and advisers. Insync will continue to utilise his services via AFM." Pearson says he will take on most of Purcell's duties and they will appoint a replacement in due course.