Descent from heaven a well-worn path
WHEN senior Japanese finance ministry officials retire at the tender age of 55, a lot of them end up as senior executives or highly paid advisers in the financial services sector.
A similar trend is happening in Australia, too. The latest descending angel is Ken Henry, who has just been appointed to the board of ASX, the country's leading exchange operator, in addition to his existing directorship at National Australia Bank.
Dr Henry is following in the footsteps of his predecessors at the nation's top economic agency, including former mentor Ted Evans, who recently finished his term as the chairman of Westpac banking group.
Apart from Henry and Evans, there is a cohort of former senior Treasury brass active in the Australian and international banking industries.
Dr Henry's former tax division boss at the Treasury, David Morgan, is running the European and Asia-Pacific investment businesses of J. C. Flowers, a global private equity business in London. Before his foray into the international banking scene, he was chief executive of Westpac and a director of BHP Billiton.
One of the most famous Treasury alumni, at least publicly, is Bernie Fraser, a former Treasury secretary and governor of the Reserve Bank, who appears regularly in TV commercials for industry super funds. He is chairing the new Climate Change Authority and was more recently chairman of Members Equity Bank, as well as a director of two of Australia's largest superannuation funds, AustralianSuper and Cbus.
Another senior ex-Treasury official active in the banking industry is the deputy CEO of ANZ Bank, Graham Hodges, who was the Treasury's senior representative at the International Monetary Fund, the Washington-based international lender.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free