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Speaking to Australian Broker, Tim Brown said Jeff Zulman had done "some excellent work" in merging The Mortgage Professionals, National Brokers Group and The Brokerage into Vow Financial, but that now he intends to bring a sales and marketing focus to the new business - which, he says, is one of his strengths.
Tim Brown is the former head of Macquarie Bank's third party mortgage distribution operations and his comment follows the news that he is to replace Zulman, Vow's incumbent CEO, at the end of the year
Engaged in mid-2009, it is understood Zulman will step back into consulting in 2011 and will be retained on a consultancy basis for Vow, according to a Brokernews report.
Vow chairman Peter Neustadt said the directors of Vow were "very grateful" for Zulman's contribution over the past 18 months.
"A significant amount of work was done since the merger took place; changing the organisation of the three companies, introducing new branding, marketing concepts, and new initiatives to benefit our brokers," he said.
Brown said the overall philosophy of Vow under his leadership will be about building brokers' businesses.
In other news Macquarie Bank stays in the headlines today where it is reported that it will take a 17.5% stake in the mortgage firm Bluestone Group.
Bluestone stopped originating non-conforming loans in September 2008 when the cost of funding became too high, however with Macquarie's input there are whispers that Bluestone could resume lending to borrowers with tainted credit histories, The Adviser is reporting.
Eitherway, Bluestone chairman Alistair Jeffery said the company was pleased to have an institution with the "strength and flair of Macquarie" on side.
Non-bank sector will perish without capital source: MFAA
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