Rivals and peers hail 'one of the best deal makers in the industry'

Aussie Home Loans executive director James Symond said Mr Russell had been a good friend for 15 years and also a strong rival during his five years at Mortgage Choice.

"Michael is one of the long-term business builders of this industry. He's someone with an impeccable reputation who has gone from strength to strength," he told The Adviser.

"He's done a very, very good job of ensuring that Mortgage Choice remains a sustainable business, a very credible competitor and a brokerage that adds tremendous value."

Mr Symond said the two brokerages had always maintained a fierce but respectful rivalry.

"Our businesses have never had a bad word to say about each other. We understand that if the two leading national brands in the market were to have anything other than an appropriate competitive nature, it wouldn't be good for either business," he said.

Liberty Network Services managing director Brendan O'Donnell worked with Mr Russell at Choice Aggregation Services from 2006 and replaced him as chief executive in 2008.

Mr O'Donnell said his former colleague had "pulled off the deal of the century" when he led the sale of Choice to Challenger in 2007, before the GFC.

"I would say he's one of the best deal makers we've seen in the industry," he told The Adviser.

"He had an uncanny way of identifying unique opportunities and pulling those things together"

Ray Hair, who is now general manager of national sales at Homeloans, worked closely with Mr Russell when Mr Hair was chief executive of PLAN – another firm that was acquired by Challenger.

Mr Hair said he had been impressed by Mr Russell's strategic vision and attention to detail, which was what had made him an excellent hire for Mortgage Choice.

He said it was fitting that Mr Russell had emphasised diversification during his time at Mortgage Choice because he had also been one of the first aggregation heads to promote the concept.

Mortgage Choice told The Adviser that Mr Russell might remain as chief executive for a little of 2015/2016 in order to ensure a smooth transition.

[Related: Michael Russell weighs into convergence debate]