Australian wealth management firm IOOF Holdings has appointed an investment specialist for its WealthBuilder investment bond unit.

Graham Smith assumes the role with immediate effect and joins from State Street Global Advisors, where he spent the last eight years building the company's exchange traded and unlisted funds division. Prior to that, he worked for two years as a distribution executive for an Australian hedge fund, focusing on sales to financial institutions and planners across Asia and Australia.

WealthBuilder is a bond designed for people looking for either medium-term or long-term investments. Unlike traditional products, WealthBuilder earnings are taxed in the hands of IOOF, not the investor, if the funds remain for 10 years. There are 12 investment options under this division.

IOOF Holdings has been actively working to increase its client numbers amid increasing competition in the region. In January, the firm decided to lower investment fees for some of its products by as much as 10 basis points. IOOF is one of the largest financial institutions in Australia.