Boutique absolute return multi-management firm NZAM has named local business stalwart, Sir John Anderson, as chairman, replacing Andrew Clements in the role.
Anderson headed the National Bank from 1989 until 2003, and its successor organisation, ANZ National, from 2003 to 2005.
He is also current chairman of Steel & Tube Holdings and NPT, Turners & Growers deputy chair, and a director of the Commonwealth Bank of Australia.
Anderson’s previous board roles include chairing the NZ Venture Investment Fund, Television New Zealand and PGG Wrightson.
In a statement, Alan McChesney, executive director and principal of NZAM (formerly known as NZ Assets Management), said Anderson’s appointment was “a reflection of the emphasis we place on having a strong, independent governance team”.
NZAM recently appointed Jonathan Mason as non-executive director.
Clements resigned all his directorships, which, in addition to NZAM, included board roles with Orion Health, Ryman Healthcare, Genesis Energy and NZ Refining Company “during 2014 and early 2015”, an NZAM spokesperson said.
In May, NZAM also hired Brigette Arnold as a client relationship manager.
It is understood NZAM has over $1 billion in funds under management via its flagship individually managed account and two portfolio investment entity (PIE) products, the Global Growth and Alpha funds launched in 2008 and 2012 respectively.
In July this year the manager was granted a discretionary investment management service (DIMS) licence.
NZAM, which has a mainly high net worth individual and wholesale client base, invests into an underlying range of offshore absolute return managers.
The firm was also the original owner of investment administration platform Apteryx (formerly known as Amadeus). Apteryx was spun off into a separate company late last year before being acquired by the NZX this August for $1.5 million with a further $2.5 million performance-based payout possible.
According to an NZX statement, the $2.5 million bonus would be due if Apteryx funds under administration hit $3 billion, and annual revenue and reached $3 million by the end of September next year.
As at August, the NZX said Apteryx had funds under admin of about $1 billion (mostly sourced via NZAM) and annual revenue of roughly $1.2 million.