CEO Resignation
11 May 2012
Company Announcements
Australian Securities Exchange Limited
20 Bridge Street
Sydney, NSW 2000
FIRSTFOLIO ANNOUNCES RESIGNATION OF CEO
Firstfolio Limited (ASX: FFF), the specialist mortgage and financial services company, today announced that Mark Forsyth has resigned his position as Chief Executive Officer and Managing Director, effective immediately.
The Board has appointed executive director Mark Flack as acting CEO while the board conducts a search for a new CEO.
Yours faithfully
Dustine Pang
Company Secretary
Dodd to shake up mortgage broker
The Australian, 03 April 2012
FORMER BUPA and MBF boss Eric Dodd has been appointed chairman of mortgage and financial services company Firstfolio, and plans to reposition the business in a soft market.
“Firstfolio has a solid base but the business needs expansion,” said Mr Dodd, who is also chairman of another financial services company, SFG Australia.
“This is a great opportunity for a non-bank mortgage player to emerge from a difficult market, particularly with consumer sentiment at a low ebb.
“I intend to roll up my sleeves and reposition the business.”
Mr Dodd takes over from interim chairman and 16 per cent stakeholder Anthony Wales, who will remain on the board as a non-executive director.
Appointment of New Chairman
Firstfolio announces appointment of Eric Dodd as Board Director and Chairman
Sydney, 2 April 2012 – ASX-listed mortgage and financial services group, Firstfolio Limited (ASX:FFF), today announced the appointment of Eric Dodd as a non-executive Director and Chairman of its Board.
Mr Dodd replaces Anthony Wales, who was appointed Firstfolio’s interim Chairman in late 2011 following the passing of former Chairman Tom Hartigan. Mr Wales remains a non-executive director of Firstfolio.
Mr Dodd brings more than 30 years experience in the insurance and financial services sectors to his Firstfolio Board role. He was Managing Director and CEO of MBF Australia for six years prior to its merger with BUPA Australia in 2008, before serving as Managing Director of the merged organisation. Previously he had served as Managing Director of NRMA Insurance and CEO of NRMA Ltd. Prior to NRMA he had held a range of senior executive positions within the financial services sector.
Mr Dodd is currently the Chairman of ASX-listed financial services group SFG Australia, and is a non-executive director of ASX-listed receivables management company Credit Corp Group.
Commenting on the appointment, outgoing Chair Mr Wales said: “At this important stage of Firstfolio’s growth, the company is delighted to have attracted someone of Mr Dodd’s calibre and standing into the important role of Board Chairman. Mr Dodd brings a unique depth of financial services experience and strategic vision to Firstfolio’s Board deliberations and we look forward to his contribution in the years to come.”
Mr Dodd said: “Firstfolio is an entrepreneurial and innovative company that has staked a competitive position in Australia’s financial services landscape. The group is poised for significant growth and I look forward to working as part of the Board to see the company realise its potential.”
NFC – Among Top Originators 2012
The Adviser, 01 March 2012
NATIONAL FINANCE Club (NFC) is no stranger to The Adviser’s Top 10 Originators, having ranked highly in previous years. A solid erformance in 2011 helped the lender secure a position in the ranking for the fourth consecutive year.
In fact, the lender managed to outperform all of its Top 10 competitors in terms of loan volume growth, recording an impressive 45 per cent increase in volumes in comparison with 2010.
NFC also managed to grow the number of loans the group wrote by five per cent, two achievements that are remarkable given the current economic climate. And this is despite NFC’s struggle with loan volume growth across 2009-2010, which put the lender in last place in that category in the 2011 ranking.
NFC’s executive general manager, Andrew Clouston, says much of the lender’s success could be attributed to its broker service proposition. Last year, Mr Clouston told The Adviser that National Finance Club would spend 2011 focusing on providing better customer/broker service”.
“We focused on strengthening our broker relationships, and this has really paid dividends for us,” he says.
In October last year, the lender bolstered its broker support team with the appointment of a new business development manager, Blake Buchanan, who joined the team as the new BDM for New South Wales. “Mr Buchanan has extensive industry experience and his commitment to excellence in customer service aligned well with the values of National Finance Club,” Mr Clouston says.
Smoothly tackling a growing challenge
The Australian, 28th January 2012
A wave of acquisitions entails ensuring harmony between old and new staff.
IT is appropriate that Firstfolio Limited has the word first in its title, as it is determined to be a leader in its field.
In just five years the firm has undergone a name change and acquired several other companies.
The financial services company, previously known as Affiance, is one of the fastest growing ASX-listed independent financial services companies, with more than $20 billion in loans under management.
Lawfund, Capital First, LSA, eChoice, Domain, First Chartered Capital, LeaseChoice, Apple Home Loans and Club FS have all been acquired since 2006.
But it is not only in the field of acquisitions that the company is moving quickly. Within its own corridors Firstfolio has been working strategically and intelligently to engage employees in a direct and a meaningful way.
Australian HR Awards 2011
The Human Capital, December 2011
FFF acquires non-bank lender Calibre
Firstfolio acquires non-bank lender Calibre
Australian Banking & Finance, December 2011
Mortgage provider and financial services company Firstfolio, has announced the completion of its 100 per cent acquisition of non-bank mortgage lender, Calibre Financial Services.
The $13 million dollar deal, funded by a combination of cash and long-term debt from the Commonwealth Bank will enable Firstfolio to grow into the non-bank lending space, leveraging Calibre’s proprietary lending and trust management platform, while further diversifying Firstfolio’s revenue streams.
These include the provision of professional loan and trust management services in Australia and internationally.
Sydney-based Calibre is a non-bank operating with a warehouse funding line from the Westpac. It issued its first mortgage-backed security to institutional investors in October 2007.
FFF completes ‘transformational’ takeover
Firstfolio has completed its takeover of non-bank lender Calibre, with CEO Mark Forsyth calling the move “transformational” for the company.
The acquisition was mooted in July, when Firstfolio said it would acquire the lender for its securitisation platform. Forsyth said the takeover would allow Firstfolio to enter the non-bank lending sector in earnest.
“The acquisition of Calibre marks a transformational change for Firstfolio, giving us the scale and capability to enter the non-bank lending space, which had been largely vacated in Australia following the global financial crisis,” Forsyth said.
The acquisition will deliver Firstfolio a $400m warehouse funding line through Westpac. Forsyth said Calibre will form part of the company’s newly-formed Firstfolio Capital division.
Employment tactic recognised in awards
The Adviser, November 2011
Firstfolio’s unique employee engagement program has been recognised as the best in the business by leading HR specialists.
Firstfolio’s Connect-Share-Thrive initiative won an award for the ‘best HR strategic plan’ at the Australian HR Awards 2011 earlier this week.
The Connect-Share-Thrive program was developed to foster a common, shared culture across Firstfolio following a rapid period of growth.
Since 2007 Firstfolio has completed 10 acquisitions nationwide, resulting in 76 per cent growth in the group’s loan portfolio to more than $20 billion.
The company’s general manager human resources Linda Cooper said the Connect-Share-Thrive HR strategy was integral to the organisation’s corporate culture and productivity.
“Ongoing acquisitions resulted in the blending of workplace cultures and a consequent diluting of the understanding of Firstfolio’s business strategy. Many staff now working for Firstfolio joined the organisation via acquisition and therefore did not have a strong association with Firstfolio’s culture and core values,” Ms Cooper said.
“Connect-Share-Thrive is a grassroots, employee-driven program designed to overcome these issues and inspire staff to be the best they can be.”
Firstfolio has seen a 9 per cent decrease in voluntary turnover, and an 11 per cent decrease in voluntary turnover of staff who joined the business via acquisition.
FFF wins Best HR Strategic Plan 2011
Monday, October 13th 2011
On Friday, 28th of October 2011, Firstfolio won a prestigious national award for its Connect-Share-Thrive HR strategy.
At a gala event at the Hilton in Sydney, Firstfolio was recognised for having the ‘Best HR Strategic Plan’ at the 2011 Australian HR Awards. Firstfolio’s Connect-Share-Thrive program was judged the winner ahead of other finalists including Foxtel, BNP Paribas, Railcorp and The Royal Women’s Hospital in Melbourne.
Firstfolio is very proud of this achievement and is honoured by the recognition.
The Connect-Share-Thrive strategy was developed with the specific aim of fostering a common, shared culture across the organisation following a rapid period of growth strategy over the past several years. Connect-Share-Thrive is now central to Firstfolio’s corporate philosophy, and is something that is hoped to make Firstfolio distinctive in the eyes of the industry.
