Trustees Executors (TE) is on the hunt for a new head of business development following the resignation of long-time incumbent, David Mansfield.
Rob Russell, TE chief, confirmed Mansfield would finish up in the role just before Christmas to take a career sabbatical.
“After nine years in the role David just wanted to take a break,” Russell said. “We are recruiting very quickly with a focus on getting someone as good as David – which won’t be easy.”
He said TE, which recently entered negotiations to retain its biggest administration client – Fisher Funds, would also hire an extra person to “beef up” the business development function.
According to Russell, TE had received a flurry of queries from both new and existing providers to tender for administration services.
“We’ve got several deals in the pipeline,” he said.
In a statement sent to clients last week, TE said Mansfield had resigned “with the effective date 22nd December 2017”.
“We have now commenced a search for a new Head of Business Development along with a Senior Relationship Manager (additional resource) to compliment the two Relationship Managers we have in Sarah Brown-MacLean and Robert Lockwood,” the TE client note says. “Please be assured that the service provided to you will continue at the same high level previously provided.”
In November the $7 billion plus Fisher Funds entered into the final phase of negotiation with TE to retain its long-standing fund admin contract. It is understood a number of terms and conditions – including technology upgrades – were yet to be fulfilled.
Aside from Fisher, TE’s biggest fund management clients include Milford and Harbour Asset Management, although it is understood the former is under review.
As well as fund administration – understood to be the most profitable unit – TE provides corporate trustee and private wealth services.
Over the 12 months to September 30, 2016, TE reported a net profit after tax of $4.1 million (down from $8.4 million the previous year) on revenue of $38.4 million. However, the 2015/16 profit slump was mainly attributable to a $5.2 million increase in the TE tax bill year-on-year with pre-tax profit up almost $1 million during the latest reported period.