Veteran AMP Capital NZ bond manager, Warren Potter, has resigned after 14 years with the Wellington-based business to join the Accident Compensation Corporation (ACC) fund.
In a note to clients, AMP Capital head of fixed income, Vicky Hyde-Smith, said Potter was hired by the $45 billion ACC fund as global futures portfolio manager – a newly-created role.
Last month the ACC fund also hired Nick Dravitzki from Devon Funds in a portfolio management position.
“I am grateful to Warren for his professionalism, dedication and commitment to clients and the fixed income business over the last 14 years,” Hyde-Smith says in the note.
Following Potter’s departure, she says current AMP Capital NZ fixed income portfolio managers – Tim Mowbray and Carrick Lucas – would assume further duties, providing the pair with opportunities to “develop their skills and take on more responsibility”.
“The main changes are that Carrick will take on a bigger role in interest rate decisions and will assume responsibility for implementing the team’s duration decisions. He will also continue to provide back-up for other client-related engagement,” the note says. “… [Mowbray] will play a greater role in the credit investment process, while continuing to manage the cash portfolios and day-to-day transactions for the fixed income portfolios.”
AMP Capital was also searching for another fixed income analyst to “help free up the portfolio managers’ time for their greater responsibilities and provide extra coverage to support the investment process”.
Mowbray joined AMP Capital in 2013 after a five-year career with Tower Investments while Carrick shifted across only last January following a stint as portfolio and liquidity manager for Kiwibank.
Hyde-Smith, who has been with AMP Capital since 2001, stepped up as sole head of NZ fixed income in 2018 after sharing the role with Grant Hassell since 2016. Hassell is now AMP Capital head of global fixed income, dividing his time between Sydney and Wellington.
Meanwhile, David Bryant formally entered the Mercer stable last week as Pacific zone leader (as well as Australia CEO) in a move announced this March.
Bryant has the mandate to “advance the firm’s leadership position across Australia and New Zealand”, according to a Mercer release last week. He reports to David Anderson, Mercer international region president.
In the statement, Anderson says: “[Bryant] is the right person to lead Mercer in the Pacific through our next phase of growth and transformation. The Pacific plays an important role in our global portfolio and [Bryant] will play an instrumental role in building brighter futures for our colleagues, our clients and our firm.”
Martin Lewington, Mercer NZ chief, reports to Bryant.
Previously, Bryant held the dual roles of CEO wealth and chief investment officer for Australian Unity, where he had worked since 2004.
The new Pacific zone head replaces Ben Walsh, now chief life insurance officer with AIA Australia. Jo-Anne Bloch, Mercer administration clients segment leader, served as interim Pacific zone leader in the wake of Walsh’s exit in March.