Nicola Forrest poaches UBank chief executive Philippa Watson to helm new family office Coaxial

Wealthy philanthropist Nicola Forrest has begun making moves at her new family office by poaching a banker as the firm’s first chief executive.

Philippa Watson will give up her position as leader of National Australia Bank’s digital offshoot UBank for the CEO role at Coaxial, an enterprise established by Ms Forrest to deploy her private wealth and drive social change for disadvantaged Australians.

Entities under the new CEO’s remit include Coaxial Ventures — a Perth registered, private company of which Ms Forrest and her three children are directors — and Coaxial Foundation, a registered Australian charity.

Coaxial Ventures was transferred 50 million shares — now worth about $793 million — in iron ore and energy giant Fortescue in mid-2023, shortly before Ms Forrest and her husband Andrew Forrest announced their separation after 31 years together.

Ms Forrest’s vision for her new enterprise is angled towards “dismantling barriers and expanding opportunities for Australians, particularly young children, families and communities facing disadvantage.”

And with Ms Watson due to helm Coaxial from June, the billionaire said firm was moving into “delivery mode”.

“Philippa is a proven leader with a remarkable track record in transformation and impact,” Ms Forrest said.

“Her strategic vision, operational excellence, and deep commitment to purpose-driven leadership will be critical as Coaxial accelerates its mission - connecting capital, changemakers, and communities to drive systemic change and unlock the potential of all Australians.”

Ms Watson, who will stay on at UBank while NAB finds her replacement, said it was a “privilege” to bring her decades in banking in support of Ms Forrest’s “bold vision”.

It’s understood Coaxial is gearing up for a full launch in about mid-2025. One of the first philanthropic items on the agenda will be Project Oasis, a program focused on increasing access to early learning in areas with little childcare support.

In January the office made one of its first acquisitions by spending $4.5 million buying Fremantle’s vacant Terminus Hotel with a view of redeveloping and reactivating the site.

The CEO hire comes after Ms Forrest recruited a leadership team for Coaxial Foundation.

Directors of the not-for-profit include Bree Fraser, ex-chief financial officer of Forrest investment empire Tatarrang, and Jay Weatherill, a former Premier of South Australia who also runs the Forrest’s Thrive By Five initiative.

It’s not the first time the Forrest empire has pulled from the Big Four recruitment pool.

Former Tattarang and Minderoo executives Stephen Daly and Andrew Hagger were both employed by NAB before shifting to lieutenant roles with the private groups.