Knox invests, takes chair at Otivo
The founder of financial planning group, Paragem and former chair of research and ratings house, Lonsec, Ian Knox, has made an investment in online financial advice business Otivo.
In doing so, becomes chairman of Otivo from December replacing former Labor politician, Bernie Ripoll, who will remain on the board as a non-executive director.
In announcing the changes, Otivo describe Knox as “a selective private equity investor in SME’s” who had a “strong vision for Otivo”.
It quoted Knox as saying that Australian were increasingly in need of quality financial advice that is accessible, affordable and not linked to product.
“I’ve been following the Otivo journey since launch and I believe the company has social, ethical and consumer driven objectives. I’m really looking forward to working with the team as they expand in 2023,” Knox said.
The announcement said that Otivo founder, Paul Feeney recruitment of Knox as chairman signalled the company’s commitment to expansions in 2023, “especially as Australians are looking down the barrel of increased mortgage stress, the real impact of interest rate bumps and inflation concerns that are impacting the cost of living for the average Australian”.
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