Contango Asset Management has hired K2 Asset Management's heads of wholesale and retail distribution as part of its new team following a restructure in April.
Damian Craven is taking on the role of Contango Asset Management's (ASX:CGA) head of retail distribution. In his most recent role, he was K2 Asset Management's head of retail distribution for about a year-and-a-half.
Prior to this, Craven spent six-and-a-half years at Magellan as a key account manager - a stint that Contango chief executive Marty Switzer highlighted in his reasoning for the hire. Craven has also spent 10 years as a Macquarie Group business development manager.
Contango's second hire is a new head of distribution in Alistair Dunne. He was previously K2's head of wholesale distribution.
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Dunne was UBS' head of wholesale for about three-and-a-half years. Prior to this, he worked as a national sales manager for UBS and BT Investment Management.
"Both Alistair and Damian have extensive experience in retail distribution. They are the best in the business," Marty Switzer said.
The new two-person distribution team started at Contango in May.
The appointments build on CGA's April announcement that it would trim headcount from 25 people to nine, as it restructured business to focus away from the institutional market and towards the self-directed, self-managed superannuation market.
The restructure followed Contango Asset Management's March 21 acquisition of Switzer Asset Management, which among other things gave Contango an access to a retail licence.
Since then, CGA has cut its listed investment company's cash allocations. It has also launched a new ETMF, overseen by a US-based investment partner.
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