Handley steers merger with Mason Stevens

THE former long-serving Westpac financial director, Pat Handley, is set to emerge as executive chairman of $400 million wealth management house Mason Stevens.

By InvestSMART · 3 Mar 2012

By InvestSMART ·
3 Mar 2012

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THE former long-serving Westpac financial director, Pat Handley, is set to emerge as executive chairman of $400 million wealth management house Mason Stevens.

The move follows a return to wealth management for Mr Handley after the launch last year of 2020 Funds Management with former top Commonwealth Bank markets executive Vincent Hua.

Mr Handley will fold his 2020 group into wealth management house Mason Stevens. The merged entity will target the cashed-up self-managed super funds sector as well as independent financial planners.

"People in the self-managed space start out saying 'I'd like to do it myself'," Mr Handley said yesterday. "They later realise it's tough and they start to need some help. Actually, they need someone with a little more than advice, they need a plan.

"We carry them through the life cycle of what they have."

Self-managed super investors can access the Mason Stevens wealth platform to run their investments in shares and fixed income as part of a managed account.

This allows super fund investors to own the underlying asset directly rather than unit prices of fund.

Like large wholesale super funds, this gives investors direct access to trading strategies across asset classes that are not normally available to retail investors. This includes government, semi-government and corporate bonds as well as commodities.

Figures released this week show that about $408 billion is held in self-managed superannuation accounts, which make up a third of the total superannuation pool.

In the early 1990s, Mr Handley was brought in to Westpac as finance director along with Bob Joss as part of the team to turn the bank around following its near-death financial loss.

Before joining Westpac he was the finance director of Bank One in Chicago, a lender that was ultimately folded into JP Morgan.

Mason Stevens' managing director, Thomas Bignill, will take up the role of chief executive of the merged entity.

Mr Hua will become chief investment officer.

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Frequently Asked Questions about this Article…

What is the Handley merger with Mason Stevens and why does it matter for investors?

The merger folds Pat Handley’s 2020 Funds Management into Mason Stevens, creating a combined wealth management business led by Handley as executive chairman. For everyday investors—especially those in self-managed super funds (SMSFs)—the deal signals expanded capability and scale from a $400 million wealth manager aiming to offer richer managed-account solutions and planning services.

Who will run the merged Mason Stevens after the Handley deal?

According to the article, Pat Handley will become executive chairman of the merged entity, Thomas Bignill (current Mason Stevens managing director) will be chief executive, and Vincent Hua will take the role of chief investment officer.

How big is Mason Stevens and what size of SMSF market does it plan to target?

Mason Stevens is described as a $400 million wealth management house. The merged firm will target cashed-up self-managed super funds (SMSFs) and independent financial planners; the article notes about $408 billion is held in SMSFs, making up roughly a third of Australia’s superannuation pool.

What services will the merged firm offer SMSF investors through the Mason Stevens wealth platform?

The merged entity will offer access to the Mason Stevens wealth platform allowing SMSF investors to run investments in shares and fixed income within a managed account. That platform enables direct ownership of underlying assets rather than buying units in a fund, and aims to provide planning and lifecycle support for investors.

How do managed accounts on the Mason Stevens platform benefit self-managed super funds (SMSFs)?

Managed accounts let SMSFs hold the actual underlying securities (shares, bonds, commodities) directly instead of unit prices. The platform aims to provide direct access to trading strategies and asset classes typically available to large wholesale funds, giving SMSFs more transparency and control over holdings.

What asset classes will SMSF and retail investors access through the merged Mason Stevens platform?

The article says investors on the platform will gain access across asset classes including shares, fixed income, government, semi‑government and corporate bonds, as well as commodities—exposure that is not normally available to many retail investors.

Who are the primary customers the merged Mason Stevens will target?

The merged business will focus on cashed-up self‑managed super fund investors and independent financial planners, offering managed account solutions and planning services to support investors who initially try to DIY but later seek professional help and structure.

What is Pat Handley’s background and how might it influence the merged business?

Pat Handley is a former long-serving Westpac finance director who earlier launched 2020 Funds Management with Vincent Hua. He also served as finance director of Bank One in Chicago before Westpac. His institutional and banking experience is likely to shape the merged firm’s focus on robust planning, institutional‑style access and scaled wealth solutions for SMSFs and advisers.