Joseph Carrozzi the latest PwC name in the spin-off game

PwC managing partner and Sydney Harbour Federation Trust chairman Joseph Carrozzi, left, at the old school of artillery on North Head with its former commanding officer john Platt. Picture: NCA NewsWire/ Monique Harmer

Sydney PwC heavyweight Joseph Carrozzi is set to retire after a 15-year stint at the firm, most recently as managing partner, the latest of the firm’s top brass to spin-off his own venture.

In an email on Monday, the Mosman-based Carrozzi said he was retiring and making the transition away from the professional services sector, set to debut his new CarrozziCo at the start of April.

It was just months ago that his former chief executive at the firm, Luke Sayers, departed the company’s Melbourne office, also setting up his own epony­mous company with former JBWere adviser Neville Azzopardi.

They’re consultants, not marketing visionaries, after all.

“I have decided to develop my new business model — providing strategic advice to dynamic entrepreneurs and corporations, making a difference in sectors including infrastructure, health and integrated precincts,” Carrozzi wrote.

“I will contribute my experience and judgment to these sectors from a different vantage point — as an investor, participant or a board member, not just an adviser.”

Never one to miss an opportunity, he then went on to list companies with which he had been involved — the likes of Seven West Media, Macquarie Bank and Virgin Australia.

That’s not mentioning his ties to Canberra — recall it was Carrozzi that hosted one of several farewell drink events for Joe Hockey in 2016 before his departure to Washington to take up his post as Australian ambassador in the US.

The home Carrozzi has owned since 2013 with natural therapist wife Jana was previously owned by former News Corp and RM Williams boss Ken Cowley, himself a keen host to guests such as Paul Keating.

And even if the new venture isn’t an overnight success, Carrozzi has plenty of board seats to keep him entertained in the meantime.

As well as leading Sydney’s Harbour Federation Trust, a role he’s been praised for by friend Peter FitzSimons, he’s also chair of the Centenary Institute for Medical Research, deputy of the NSW Institute of Sport and a board member of the Australian Football Federation and the Western Sydney University.

In a statement, a spokesman for the big four firm thanked the departing partner for his leadership and market legacy, though if Sayers’ example is anything to go by his retirement won’t stop his close association with the firm.

PwC joined with the new firm Sayers and tech outfit Oracle for its pitch on the 10-year contract to revamp and digitise the nation’s visa platform, one of just three consortia left in the race for the contract due to be announced in the next week.

Sue Horlin continues to lead the Sydney office after working closely with Carrozzi since 2019.

Probably best she goes and registers HorlinCo or Horlin Advisory just in case.

Illustration: Rod Clement

Lost for words

Steelmaker Sanjeev Gupta isn’t the only one trying to put a little distance between himself and Bundy boy turned British aristocrat Lex Greensill.

With the latest signs pointing to his capital group’s impending collapse, the local arm of banking giant Credit Suisse is also keen to stay out of the headlines.

As global chief Thomas Gottstein and his European HQ plotted their next move after freezing $US10bn ($13.6bn) of investment funds, the local office too was doing its own back-pedalling.

Just days ahead of a planned briefing and networking event with its investment banking team, Credit Suisse on Monday pulled the pin.

Co-heads of investment banking and capital markets James Disney and Angelo Scasserra had been slated to hold court on their outlook for Australia’s corporate sector with dual events at their Gateway HQ in Sydney and Collins Street office in Melbourne.

Head of corporate communications Matthew Russell sent out reminders just last week, but on Monday there was a noticeable change of tune.

“Please accept our apologies for any inconvenience this may cause but we are postponing the media briefing until after our annual Asian Investment Conference,” he wrote to participants, adding that a new event would be scheduled for April.

The event had been billed as a means to get up close and personal with the refreshed leadership team, including recent hire, head of FIG Anthony Rose, most recently of Bank of Queensland.

While the unfolding Greensill drama wasn’t explicitly referenced, it’s not a huge leap to assume the invited media types would seize the opportunity to quiz local operatives on their insights into the collapse — far more interesting than the line up of “outlook and key themes” discussions listed on the agenda.

No surprises then that the bank opted for a no comment line when probed by this column on Monday.

Lex Greensill CBE talks with Prince Charles.

In the swing

With an investigation underfoot into Nine director Nick Falloon and his son Troy’s use of a corporate membership of a prestigious northern Sydney golf club, Margin Call thought it only right to investigate what all the fuss was about.

It didn’t take much digging to see why — the Terrey Hills Golf and Country Club (THGCC to those in the know) describes itself as among an “abundantly green neighbourhood away from the urban bustle of city streets” and having “the highest standards of prestige and exclusivity”.

There goes our invite.

Corporate members such as Falloon number just 200 of a capped 750 membership base, and have top billing for corporate days on Tuesdays and Thursdays as well as access to the newly refitted conference facility and club.

Nine director Nick Falloon. Picture: Hollie Adams

But it is likely not just the course that has the family coming back for more, with plenty of high-profile members for them to mingle with in the Members Lounge or fireside at the Wisteria Restaurant.

Cochlear chairman Rick Holliday-Smith and wife Gillian are both said to frequent the club, as well as Peggy Formosa of appliance retailer Winning Group and her husband John Formosa.

It’s quite the drawcard, with the club itself noting that “you will be pleasantly surprised with whom you will be golfing alongside at Terrey Hills Golf & Country Club”.

Surprised indeed when the younger Falloon shows up under Nine’s membership — though we’ll have to wait till the results of the investigation to find if there’s any truth to that.