Australia-based Bennelong Group, owner of Bennelong Funds Management, has revealed plans to launch a new wealth management and advisory strategy arm, with the acquisition of a controlling stake in a Melbourne-based wealth management and advisory firm, Carnbrea & Co.

The group has appointed former JB Were executive Fiona Rowland to head its new wealth management business as well as lead the activities of the Bennelong Group’s philanthropic arm, the Bennelong Foundation.

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The new business will target specifically at providing products and services to high net worth and ultra-high net worth investors.

Bennelong intends to grow the new division through acquisition and client adviser recruitment.

Rowland joins Bennelong following 12 years in senior executive roles with ANZ, UBS and JBWere after working as a corporate and funds management lawyer at Minter Ellison.

The wealth management and funds management arms of the business will be run as separate entities under the Bennelong banner.