Diversa Group, the investment management firm listed on the Australian Stock Exchange, has announced changes to its senior management team.

Stuart Korchinski, previously managing director, has been promoted to chairman, replacing Matthew Morgan who will continue to sit on the board as a non-executive director. 

Vincent Parrott, formerly the head of funds management and trustee services, will then become the new chief executive, taking over from Korchinski who had assumed the responsibility under his managing directorial duties since 2009. Parrott had been investment management head since 2010 and then added the lead role for trustee services to his duties in 2011. 

Diversa Group, established in 2009, currently records A$1.5 billion ($1.42 billion) funds under trusteeship, management and administration.