The appointment of investment banker Michael Ashforth as manager of the Bennett family’s $1.5 billion fortune highlights the maturing of Western Australia’s private wealth market.
The appointment of investment banker Michael Ashforth as manager of the Bennett family’s $1.5 billion fortune highlights the maturing of Western Australia’s private wealth market.
Mr Ashforth’s new role as executive chairman of the Bennett’s wealth management vehicle, AMB Holdings, is the latest appointment among several teams running the behind-the-scenes investment and philanthropic interests of some of the state’s richest people and their families.
Some of these vehicles are well-established and high profile, such as Kerry Stokes’ Australian Capital Equity, which was previously overseen by Peter Gammell prior to Ryan Stokes taking up the chief executive role.
Gina Rinehart’s Hancock Prospecting is also well known.
Others are more secretive, such as the Roberts family’s estimated $1.86 billion fortune derived from the Multiplex building and construction empire, and AMB Holdings which houses the interests of Angela Bennett, daughter of Lang Hancock’s business partner, Peter Wright, and her family.
More recently, Fortescue Metals Group founder Andrew Forrest’s $5.86 billion is managed through Minderoo Group, which is run by former financial adviser and AFL football umpire Grant Vernon, and Navitas founder Rod Jones’s $430 million is run by former corporate adviser Jon Biesse.
Mr Ashforth was involved with AMB Holdings on a non-executive basis before deciding to leave his post at Macquarie Capital and devote his full attention to managing the Bennetts’ investment activity, joining Mrs Bennett’s son, Todd Bennett, on the management team.
He has said that managing the Bennetts’ investment in philanthropic endeavours would also form a significant part of his new role, which has emerged as a growing area of focus for the private wealth market.
Following his appointment as chief investment officer of Rod Jones’s Hoperidge Capital, Mr Biesse was tasked with establishing a private philanthropic fund, which was officially launched earlier this year.
Meanwhile, Denby Roberts’ private investment vehicle, DR Capital, which is run by Ben Bartholomaeus, is also active in the philanthropic sphere, with donations to causes such as child health.
Other members of the Roberts family, notably Tim Roberts, have a private wealth vehicle, Warburton Group, which is run by Hugh Currie, who took on the chief investment officer role after 14 years at Cottesloe-based investment manager Packer & Co.
Hancock Prospecting would arguably be one of the more sophisticated examples of the private wealth management vehicle.
Behind the giant Roy Hill mining project, it has also funded many of Swimming WA’s activities and was also a key funder of two levels in the St John of God Bendat Family Comprehensive Cancer Centre at Subiaco Hospital.
Hancock Prospecting also came in at the 11th hour as a principal sponsor of this year’s Sculpture by the Sea exhibition to enable the event to go ahead.
Andrew Forrest and Nicola Forrest have emerged as a key figures in philanthropic circles through the investment and activity of the Minderoo Foundation, which encompasses three not-for-profit organisations; the Walk Free Foundation, GenerationOne and Hope for Children.