More than 10 executive and support staff have reportedly left Australian wealth manager Centric Wealth, according to local media, on
the heels of the resignations of the firm’s three most senior executives.

Company non-executive chairman
David Shein
confirmed seven employees out of a list of 14 possible names as those who had
left the company in recent months, according to a report in Australian trade
publication InvestorDaily, citing an anonymous letter.

The names included
Centric senior risk
manager Brian Zanker, implementation manager Chris Cutter, mergers
and acquisitions manager John Hart, marketing manager Jon Slack and client
experience and HR manager Judith Fiander.  

Those who had resigned from the company
included head of investments Peter Dobriveck and director of portfolio
construction Ashley Owen, the letter said.



Shein told the publication in response to the
letter claiming 10 support staff had also left the group, that number appeared
quite high.
"It sounds a lot. I can't think of 10 support staff leaving to
be honest,” he said.

He said the possible reason behind the
departures could be linked to former company chief executive John McMurdo. In July,
McMurdo quit the company suddenly after a reported shareholder disagreement. He
was joined by Centric chief financial officer Geoff Scott and company chairman
Phil Kelly. Shein replaced McMurdo on an interim basis. 

But Shein insisted that it is business as
usual, although he admitted some clients had left as a result of the
departures. When asked by InvestorDaily whether the changes had led to the departure of any
clients, he said: “Yes, but no different to anyone else in the industry and no
different to what it was 12 months ago. We think our planners have done a
phenomenal job. If we have lost business it would be industry related, not
Centric related. Not one of our key advisers has left."



As well as the
departures, Centric has made around seven hires, it said. Centric remained on track to select
its new chief executive in the new year, Shein told the publication.  

Centric Wealth manages around $6 billion for
Australian ultra wealthy investors.