MLC Wealth announces executive appointments

MLC Wealth today announced two new internal appointments to its Executive Leadership Team.

  • Garry Mulcahy has been appointed to Group Executive (MLC Wealth), Asset Management
  • Tim Steele assumes the role of Group Executive (MLC Wealth), Retirement & Investment Solutions

Chief Executive Officer of MLC Wealth, Geoff Lloyd said the appointments build on the business’ momentum as it moves towards separation from the NAB Group.

“When I announced our new strategic intent and operating model in March, I committed to putting a strong and experienced leadership team in place that would lead and drive the transformation and growth of our four business pillars of Advice, Platforms, Asset Management, Retirement and Investment Solutions.  

“These leaders will not only ensure end-to-end accountability for client outcomes, but set up teams that are high-performing, passionate and obsessed with helping our clients plan for and live well in retirement in this new era for MLC.”

Mr Lloyd said today’s appointments are the result of an extensive internal and external search and follow three other executive appointments made earlier this year, including Mark Baxter (Chief Risk Officer), Kylie Smith (Chief Client Digital & Marketing Officer) and Shenaz Waples (previously Khan) (Chief Human Resources Officer).

“Both Tim and Garry bring highly regarded leadership and market expertise to the executive team, and I’m thrilled to have been able to appoint two leaders from our strong pool of internal talent, as well as being able to attract high calibre external talent with the other recent appointments, Mark, Kylie and Shenaz.

“The collective unparalleled knowledge and experience of this team will be central to the successful transformation of MLC Wealth into a client-led business, particularly during a period of significant regulatory change,” finished Mr Lloyd.

Mr Lloyd confirmed five positions remain on the ten-strong MLC Wealth leadership team, with further appointment announcements expected over the coming months.

Mr Mulcahy and Mr Steele’s appointments will be effective from early September, allowing for appropriate transition time and relevant regulatory approvals to occur.  



Garry Mulcahy – Group Executive (MLC Wealth), Asset Management

Mr Mulcahy has an extensive career with MLC, where most recently he was acting in the role of Executive General Manager (EGM), Super and Solutions leading the Asset Management, Product & Platforms, Corporate Super, Wealth Strategy, Separation, Product Enablement and Digital, Communications & Marketing teams. Prior to this, Mr Mulcahy was EGM Asset Management for nearly ten years, during which time the business grew from around $70bn funds under management to over $200bn.

Tim Steele – Group Executive (MLC Wealth), Retirement & Investment Solutions

Mr Steele is a highly experienced finance executive with a breadth and depth of expertise in Wealth Management. Most recently Mr Steele has held the role of General Manager (GM), NAB Financial Planning and NAB Direct Advice – MLC Wealth’s Licensee for employed financial advisers. Prior to this, Mr Steele held numerous senior roles in professional services, wealth management and investment advisory in the United States and Australia. 

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