Alexandra Campbell Named CIO at NAB Private Wealth & JBWere: Impacts for Wealth Management

The appointment of Alexandra Campbell as NAB Private Wealth and JBWere’s CIO signifies a deliberate upgrade in NAB’s investment leadership. By folding JBWere under NAB Private Wealth’s remit and entrusting strategy across all asset classes to Campbell, NAB is unifying asset allocation, portfolio construction, and manager selection to generate scale benefits and consistency of approach. [1][3]

Campbell brings a strong track record from institutional investing, private markets, and leadership in wealth strategies. Her work at Cbus Super — rising from Head of Infrastructure, then Head of Private Markets, then Deputy CIO — gives her deep credibility in alternative and illiquid assets, which have become critical for diversifying returns in volatile markets. [5][4] Her role as CEO of a large family office adds experience in bespoke portfolio construction and nimble decision-making suited to private wealth clients. [3][6]

From a numbers standpoint, the ~15% increase in JBWere’s funds under management to nearly A$50 billion is a strong signal of both client inflows and perhaps valuation gains. [2][3] Coupled with investment in BlackRock’s Aladdin platform for risk/return analytics and scenario modelling, this suggests NAB is doubling down on data-driven, transparent portfolio oversight. [2] The tech upgrade will likely become a competitive differentiator in Australia’s wealth management sector, where demand for personalized reporting and risk management is rising.

Strategically, this move responds to multiple headwinds and opportunities. Tailwinds include rising demand for integrated wealth, banking, and advisory services among high-net-worth individuals and family offices. At the same time, increased regulatory pressure on transparency and risk disclosures encourages adoption of platforms like Aladdin. But there are risks — managing returns in illiquid private markets, retaining top-tier talent amid an increasingly competitive gun-jumping landscape, and balancing short-term performance expectations with long-term portfolio strategy.

Open questions: What specific targets (return, risk-adjusted) will Campbell set? How will her team structure tactical vs. strategic asset allocation, especially in private markets? What are NAB’s incentives and compensation structures to align outcomes with clients? And how deeply will the Aladdin platform be embedded — is this a front-office tool, or more for reporting and risk oversight?