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JB Were exists for the 'enrichment of its advisors'

The National Australia Bank executive responsible for its wealth arm holds an extremely negative view of an influential advisory business for which he is responsible, according to claims made in a FWC hearing.Paul Heath, a former CEO of JB Were, giving evidence to the Fair Work Commission about Simon Rothery, CEO of Goldman Sachs in Australia and NAB executive Andrew Hagger, said:"Rothery contacted me after a meeting [with Hagger] and informed me that Mr Hagger said 'it feels that JB Were exists for the sole purpose of enrichment of its advisors'."Heath said of this: "I found this to be a very derogatory statement about the business for which I was responsible."Goldman Sachs still owns 19.9 per cent of JB Were, and NAB the rest.

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