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Following what was a record June for the aggregator, Australian Finance Group (AFG) announced that David Flynn would join the executive board, effective 4 August.
Flynn brings more than two decades of experience in mergers and acquisitions, capital markets, and advisory roles, having spent the past 17 years as a partner and senior adviser at corporate advisory and financial services firm Azure Capital.
During that time, Flynn advised on transactions across infrastructure, telecommunications, real estate, and financial services sectors.
Prior to joining Azure Capital, Flynn worked as a trader in fixed income, credit, and derivative markets at Union Bancaire Privée.
AFG chair Greg Medcraft said Flynn’s experience would support the company’s continued investment across its business.
“David brings deep capital markets and transaction experience to our board at a time when AFG continues to invest in its platform, its lending business and its broker partnerships,” Medcraft said.
“His judgement, understanding of listed markets and long record of building businesses alongside their owners align closely with how we work with our members. We look forward to his contribution.”
Flynn said that having followed AFG’s growth for many years, he saw significant opportunities ahead for the business.
“I’ve watched and worked with AFG for a long time and have great respect for what the AFG team has built,” he said.
“There is a significant opportunity ahead in distribution, technology and lending, and I am looking forward to working with the board and management team to help realise it.”
Strong results and new products
Flynn’s appointment comes after a bumper June quarter for AFG, with the aggregator recording its highest June-quarter home loan lodgements on record.
AFG brokers settled $28.1 billion in home loans during the quarter, up 1.4 per cent on the same period last year.
While the number of lodgements eased to 38,583 from the record 43,799 recorded in the March quarter, AFG attributed the moderation to borrowers reassessing their plans following the federal budget and recent cash rate increases.
The aggregator has also continued expanding its white label offering.
Through its partnership with Pepper Money, AFG recently launched commercial and SMSF lending products, giving brokers access to full-doc and low-doc commercial loans for prime and near-prime borrowers, alongside SMSF lending secured by commercial property.
[Related: AFG takes 40% stake in Network Finance]
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