IAM raids rival in exec hiring spree

ASX-listed income investment firm, Income Asset Management (IAM), has appointed a new head for its recently launched WA office, alongside six new fixed income executive recruits to be spread across the firm’s capital city offices.

The new appointees, most of whom have been poached from rival fixed income specialist FIIG Securities (of which IAM had last year unsuccessfully sought a controlling stake), will be spread across IAM’s Sydney and Brisbane offices as well as the firm’s recently opened Perth bureau.

Each will report to IAM’s head of sales – capital markets, Jenna Labib.

Overseeing the firm’s newly launched Perth office is ex-FIIG state manager for WA, Darryl Bruce.

Prior to his almost 10-year tenure at FIIG, Bruce notched up over eight years in the London-based private bank Brown Shipley as a fund manager.

Labib recognised Bruce’s established track record in fixed income investing as well as his experience “managing a small team as a business”.

Accompanying Bruce in the new WA office is fellow FIIG recruit Ellen Allardice, who joins IAM as associate director – capital markets.

Joining IAM’s fixed income sales team in its Sydney office are ex-FIIG members Victor Gugger, a 30-year veteran of financial markets, Frederick Stewart, and Nick Lowings. They will be joined in the Sydney office by former NAB senior investment relationship manager Sandra Ang.

Stewart, Gugger and Lowings worked for over six years in FIIG’s private clients team overseeing fixed income investments.

Harry Roberts also joins IAM’s Brisbane office as associate director within the firm’s sales team.

Commenting on the hiring blitz, and with the current market ripe for fixed income investments, Labib said the firm is seeking to establish “a firm foothold as the pre-eminent fixed income broker in Australia”.

“Rates have been rising and competing growth assets face headwinds, it is a great market for fixed income,” she said.

“Against this backdrop, IAM has forged partnerships with platforms like HUB24 and Netwealth and is proactively building a powerhouse team to capitalise on these favourable market conditions.”

Boasting $4 billion of assets under administration, IAM’s investment business covers “a broad spectrum of income investments”, it says, covering listed and unlisted bonds, loans and deposits.