Trustees Executors (TE) has axed long-serving group executive, Tom Hoey.
Hoey, the latest in a string of high-level departures from the trustee and fund back-office provider, left in December after almost 20 years with the organisation, the TE office confirmed.
Last year, TE corporate trust regional sales chiefs, Clynton Hardy and Yogesh Mody, were also made redundant.
According to the TE website, where he is still listed as group executive, Hoey joined the firm “in a business development and marketing capacity” in 1996.
“He was appointed as Group Executive in November 2005, and is jointly responsible with the Executive Director for the operational and financial management of the company,” the TE website says.
With the exit of Hoey, the TE senior management team now comprises: Rob Russell, executive director; Stuart McLaren, financial controller; David Mansfield, head of business development, and; Elaine Mosley, company secretary.
TE has no current job vacancies, the group’s website says.
Russell did not respond to queries prior to press-time.
The Sterling Grace-owned company was taken off the market last year after bids from several parties – including IOOF, Equity Trustees and Link Market Services – fell short of the asking price.
As reported by Investment News NZ (IN NZ), Sterling Grace, a vehicle majority-owned by Swiss-based US investor John Grace, was seeking about $150 million for the trustee and investment admin business.
TE, New Zealand’s oldest trustee company, has been through several ownership changes since establishment in 1881.
The group oversees about $80 billion across its personal estate planning, corporate trust and investment administration business units.
TE is trustee for six KiwiSaver schemes with Fisher Funds its biggest client in that sector. With over $7 billion under management, Fisher is also TE’s largest investment administration client – now in an expanded role following its win over Mercer to manage the consolidated registry business for the funds management group.