Australia and New Zealand Banking Group (ANZ) has named Mark Rider as the new CIO for its Wealth Australia business, replacing Stewart Brentnall who will depart from the group to take up another senior CIO role in Australia.

Rider joined ANZ in the role of head of investment strategy and asset allocation in 2013, with responsibility for overseeing the group’s multi-asset funds in Australia and New Zealand.

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He will assume the new role on 10 March 2017, with responsibility for delivery of ANZ's investment strategy, including asset allocation, investment themes, product selection as well as monitoring.

Prior to ANZ, Rider held senior economics and global asset management roles at UBS for 16 years, and also served for a decade at the Reserve Bank of Australia.

ANZ group executive Wealth Australia Alexis George said: “Mark is a proven investment manager with significant economic experience who is already well known to our partners and customers.

“It's pleasing to be able to appoint an executive with such strong credentials from within the business which will help ensure a smooth transition and a consistent approach to investment strategy."