The Tongan Retirement Fund (TRF) chief is set to join Auckland-based investment governance and consulting firm, MyFiduciary, as principal next year.
Saia Uai Havili, who has served as CEO of the approximately NZ$100 million TRF for nine years, will move to NZ along with his family of six to take up the role in 2019, according to MyFiduciary director, Aaron Drew.
Drew, also an associate at the NZ Institute of Economic Research, authored a research paper on Pacific Island sovereign wealth funds in 2016.
In a statement, he said: “[Havili] is very well respected in the Pacific Islands funds community and will enable us to lift our training, assessment and advisory activities across the Pacific and in New Zealand and Australia.”
MyFiduciary also took on former Morningstar head of manager research, Chris Douglas, as principal in July, joining Ross Fowler, David Rae and Drew in the specialist consulting firm. Both Rae and Drew previously worked at the NZ Superannuation Fund in various investment roles.
As well as providing investment governance and consulting services, MyFiduciary has the exclusive rights to market UK-built wealth management software, JHC Neon, in Australasia.
Havili, a fellow of the Australian Institute of Superannuation Trustees and an Accredited Investment Fiduciary, holds post-graduate qualifications in accounting, financial services and superannuation.
Meanwhile, Constellation Capital founder, Amelia Wong, has turned up at Craigs Investment Partners. It is understood Wong is winding down Constellation, a wholesale concentrated NZ equities business launched in 2014. The Constellation fund took a hit this year on its “material holding” in failed insurer, CBL, Wong says in an April newsletter.
“Our stepping on the CBL landmine coincided with a rough-and-tumble quarter in global equity markets,” the newsletter says.
Prior to launching Constellation she was NZX head of cash markets following a three-year stint as equities analyst at Mint Asset Management. Wong previously worked offshore for institutions including Morgan Stanley, Barclays Capital and Sanford C Bernstein.
Also this month, Pie Funds lured ex-pat New Zealander Glen Macann back home to head the firm’s Juno KiwiSaver unit. Macann, formally Juno group head, has spent the last couple of years leading the advice business of the almost $80 billion Queensland goverment employee super fund, Qsuper. Prior to that he was national head of advice for the Shadforth Financial Group, based in Brisbane.
Shadforth is part of the ASX-listed financial services firm, IOOF, which bought the previously independent advisory firm in 2016 for about $700 million.
After launching the Juno scheme this August it is understood that the Pie-owned KiwiSaver vehicle has attracted about $25 million. The scheme offers a unique tiered flat-fee structure ranging from free for under-18s and balances under $5,000 to $100 per month for every million dollar amount invested (for example, a $5 million KiwiSaver account would incur fees of $500 each month or $6,000 each year).
In October, the Juno scheme also amended its environmental, social and governance policy to exclude companies involved in pornograpy or recreational cannabis production.