Hewison MD steps down by year end

Hewison Private Wealth is undergoing a significant leadership transition after managing director Andrew Hewison announced his intention to step down by the end of the year. The development follows closely on the heels of last week’s announcement regarding a private equity investment from Sydney-based Pemba Capital Partners.

The deal structure involves Pemba holding a strategic, non-operational stake in the Melbourne wealth manager. Under the terms of the agreement, the firm will continue to operate with full independence under its current leadership structure. This arrangement ensures that the investment acts as financial support rather than a takeover of operations. The firm has made it clear that its autonomy will be preserved during this phase of growth.

Andrew Hewison, who has led the firm as managing director for nearly 12 years, will step down at the year-end. He is the son of the company’s founder, John Hewison, who established the business in 1985. Hewison’s tenure spans decades within the firm, beginning as an associate financial adviser before spending 12 years as an adviser himself prior to his promotion to managing director.

Writing on LinkedIn, Hewison revealed that the departure had been in the works for some time. He stated that he sat down with key people at Hewison Private Wealth in November 2024 to discuss the remaining time he could dedicate to the role. “In November 2024, I sat down with key people at Hewison Private Wealth and told them I thought I had about two years left in me to continue leading the team with the required passion, drive and enthusiasm,” he wrote. “In life, you either give 100 per cent or nothing.”

Hewison suggested that raising the issue of his exit two years ago allowed the board and shareholders to build a deliberate transition plan. This strategy included building out an exceptional executive team and establishing a clear strategic path forward. “That path saw us announce our exciting partnership with Pemba Capital Partners last week,” he noted.

Long-term strategy for succession

When selecting a new leader, Hewison emphasized that finding the right person matters more than speed. He will remain on the board as a director and shareholder, ensuring he retains a connection to the business despite leaving day-to-day management. He praised the team as “incredible, passionate and talented” and highlighted the client base that has trusted the firm for decades. “Whoever succeeds me will inherit a business with an incredible, passionate and talented team,” he added.

The decision to delay a successor announcement until the current executive team is fully prepared reflects a cautious approach to governance. In family-run wealth management firms, where internal culture is often a primary asset, rushing a change in leadership can be risky. The firm has reportedly been running an executive search for some time, which aligns with the gradual exit Hewison has been enacting over the last two years. This methodical approach allows the incoming leadership time to familiarize themselves with the client portfolio and the internal operational workflows before taking the helm. It is a rare luxury in the financial sector to take the time needed to get it right.

Pemba’s history in financial services

The investment by Pemba Capital Partners highlights the growing interest private equity firms have shown in the Australian wealth management sector. Pemba has a track record of investing in financial service providers. Previous investments include the SMSF administration firm SuperConcepts, which was acquired from AMP in 2023, and the accounting and business advisory firm Stannards.

These investments suggest Pemba is focused on stable, asset-light businesses within the financial ecosystem. By taking a non-operational stake, Pemba allows Hewison Private Wealth to maintain its operational autonomy while benefiting from the capital injection. This model has become increasingly common as firms look to expand their service offerings without diluting their management culture.