James Packer hires Lawrence Myers to run private wealth office

James Packer is looking to be a passive investor in his post-Crown days and has hired well-connected Sydney adviser Lawrence Myers to run his family office CPH Group.

James Packer’s privately held company has more than $10.76bn in assets on its balance sheet. Picture: Aaron Francis

Billionaire James Packer has hired well-connected company director and bespoke financial adviser Lawrence Myers to run his private company CPH Group, placing the executive at the top of his flagship corporate vehicle and main preserve of his wealth since selling out of Crown Resorts.

The appointment also comes as Mr Packer seeks to simplify the operations of his private investment house, which will now take on a more passive investment role. He has announced the departure of its current CEO, Guy Jalland, and chief financial officer Michael Johnston.

CPH, once known as Consolidated Press Holdings and used for decades by the Packer family to control its media assets such as the Nine Network, and then its investment in casinos, on Thursday announced Mr Myers as its new CEO. Mr Myers is the managing director and founder of MBP Advisory, a high-end Sydney firm of chartered accountants that specialises in advising high-net-worth individuals and families, their businesses and commercial endeavours.

In his role, Mr Myers will continue the transition of CPH to a simplified structure as a passive investment group, CPH said.

As a part of the simplification, CEO Mr Jalland, and CFO Mr Johnston will be leaving the company.

Lawrence Myers. Picture: Christian Gilles

“Given the nature of this appointment, Lawrence will continue in his roles as managing ­director of MBP Advisory and his non-executive directorships of ASX-listed kitchen appliances maker Breville Group and the nation’s largest footwear retailer Accent Group,” Mr Packer said in a statement on the appointment of Mr Myers.

“Consistent with the sale of my operating businesses, and the ­nature of my investment assets, it is now appropriate to streamline my family office.

“I am excited about this new era for CPH, and I look forward to working with Lawrence into the future. I am grateful to Guy ­Jalland and Michael Johnston for their many years of loyal service and also for their assistance with this transition.”

Mr Myers has more than 20 years’ experience as a practising chartered accountant. He also sits on numerous private company and not-for-profit boards, including the Foundation Board of the Art Gallery of NSW and acts as a trusted adviser and mentor on business and financial matters.

As Mr Packer turns away from his Crown Resorts era with the selldown of CPH’s stake in the casino operator, he is focusing more in passive investments and venture capital.

Recent accounts lodged by CPH revealed that Mr Packer is more than half a billion dollars richer – in asset terms – as he ­deploys his capital across the globe.

The financial accounts of CPH, lodged with the corporate regulator in October, revealed a statutory net profit of $216m for the year to June 30.

Much of the result was boosted by the upwards revaluing of Mr Packer’s increasingly diverse range of assets, which allowed CPH to pay him a $119m dividend for the 2023 financial year.

His privately held company has more than $10.76bn in assets on its balance sheet, and about $4.06bn in net assets after taking into account debt and other lia­bilities.

Mr Packer recently formed an investment committee at CPH to invest his fortune, including Magellan Financial Group co-founder Hamish Douglass, longstanding CPH executive Mr Jalland (who is now leaving) and technology entrepreneur Daniel Nadler.

Some of Mr Packer’s fortune has been put into property, US real estate company Zillow, technology and start-ups.

CPH has also had an interest with Hollywood actor Robert De Niro in a $US250m ($370.5m) luxury resort project called Paradise Found Nobu on the Caribbean island of Barbuda, as well as a share in NRL club South Sydney.