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You are here: Home / Investment News / Australian ethical manager loses head; NZ Super gets more responsible

Australian ethical manager loses head; NZ Super gets more responsible

January 24, 2016

Katie Beith: NZ Super SRI analyst
Katie Beith: NZ Super SRI analyst

David Deverall, head of the A$1 billion ASX-listed Australian funds management firm Hunter Hall, resigned last week to take the top role at the New South Wales government debt authority.

Deverall will assume his new position as chief of the NSW Treasury Corporation (TCorp) on February 8.

TCorp manages about A$80 billion for a range of NSW Government bodies, having merged its investment operations with those of NSW Workcover and the big closed defined benefit fund, State Super (STC). That merger is still being implemented.

Following Deverall’s resignation, Peter Hall, Hunter Hall chair and founder, would step in as interim CEO, an ASX release says.

Deverall replaces Steve Knight, who ends a 10-year career with TCorp.

Prior to joining Hunter Hall, Deverall spent six years in the funds management group at Macquarie before becoming chief executive of Perpetual for just over seven years. His resignation from that position, in June 2010, surprised the market. Deverall also gave the board 12 months notice, saying he wanted a change from running an ASX-listed company. He became chief executive of Hunter Hall in 2012.

In a statement, Peter Hall said: “I would like to thank David for his contribution to the group over the last three and a half years and wish him well in his future endeavours.”

At the same time, Hunter Hall reported a net profit after tax for the six months to December 31 last year, of A$3.8 million, up almost 140 per cent compared to the same period in 2014.

Known for its ethical investing bent, Hunter Hall has a significant following in NZ where it is represented by third-party distributor, The Investment Store.

Meanwhile, the New Zealand Superannuation Fund (NZS) has beefed up its responsible investment team, headed by Anne-Maree O’Connor, with the appointment of Katie Beith as analyst.

The NZS has responsible investment research duties (covering NZ companies only) for all of the Crown Financial Institutions (CFIs). Last July, the CFIs struck a deal with BMO Global Asset Management to provide SRI input on offshore stocks with NZS providing secretariat services.

Beith, who earned a BSc from Auckland University, previously held responsible investment roles for several UK-based funds, including The Pensions Trust and Newton Investment Management.

She was also head of implementation support at the standard-bearer for responsible investing globally, the United Nations Principles of Responsible Investment (UNPRI).

“Katie has also worked as [environmental, social, governance] ESG Research Manager for the Responsible Investment Association of Australasia,” an NZS spokesperson said.

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