AMP reveals new chair for private markets business

On Tuesday, the company confirmed Patrick Snowball as its new chairman designate who has 30 years’ experience in financial services.

Based in London, Mr Snowball previously worked as Suncorp’s group CEO from 2009 to 2015 and most recently served as chairman of Sabre Insurance Group and IntegraFin Holdings.

Mr Snowball is currently chairman of UK-based specialist lender Provident Financial.

“The private markets business has significant potential to be one of the leading global asset managers in private markets, building on the strengths it has already built in infrastructure equity, infrastructure debt and real estate,” Mr Snowball said.

Meanwhile, Andrew Fay will join the board as deputy chairman designate, having worked in funds and management investment for over 30 years, including as CEO and CIO of Deutsche Asset Management in Australia.

Mr Fay is currently a non-executive director and chair of Pendal Group (though set to retire in December) and a non-executive director of Spark Infrastructure Group.

Both Mr Snowball and Mr Fay will commence in the new roles on 1 November.

“Patrick and Andy are respected business leaders who will bring deep experience, market knowledge and integrity to the board of private markets when it lists next year,” AMP Limited chair Debra Hazelton said.

“Both have led significant financial institutions and have the experience of bringing businesses to a sharemarket listing.

“These appointments mark another important step as we prepare for the separation and demerger of private markets, with Patrick and Andy getting involved to support [AMP Capital CEO] Shawn Johnson and [non-executive director] Michael Sammells to shape the strategy, governance and culture for the standalone company.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.