Pie Funds has grown its wealth team by a third with former bank adviser, Rob Glasgow, joining the Auckland-based unit last month.
An authorised financial adviser (AFA), Glasgow comes to Pie after a nine-year stint with ANZ private bank in Auckland, latterly as associate director.
The boutique Pie, which has almost $1 billion under management, launched its advice arm last year with ex Westpac financial adviser, Simon Hepple. In April 2018 Pie appointed former Fisher Funds head of advice, James Paterson, to lead the wealth management business.
Meanwhile, Pie founder, Mike Taylor, has taken on the title of CEO for the group’s KiwiSaver business, Juno. This March, Juno co-founder, Jacqueline Taylor, stepped down as head of the KiwiSaver scheme. At the same time, Mike Taylor, relinquished his official chief investment officer role at Pie to focus on his CEO duties at the fund management shop.
Last week AMP Capital named Adrian Williams as acting chief financial officer (CFO) to replace John Moorhead, who will take on the same role with the wider AMP group in June.
Williams will be acting AMP Capital chief operating officer (COO) – a position also held by Moorhead. He reports to AMP Capital managing director, Adam Tindall, as the group conducts a search for a permanent CFO/COO.
Most recently appointed as AMP Capital ESG director real estate and listed equities, Williams has filled various senior roles at the Australian-headquartered funds manager over the last 10 years including head of corporate responsibility and business platform, and head of finance.
Also across the Tasman last week, the ambitious trustee and financial technology firm, Sargon, has added a former Australian senator to its board.
Stephen Conroy, who served as an Australian Labor Party senator over 1996 to 2016 – including six years as Communications Minister – would be “invaluable to Sargon, particularly given the complex and ever-changing regulatory environment in which we operate”, Sargon CEO, Phillip Kingston, said in a release.
Founded in 2013, Sargon has been in aggressive growth mode over the last three years in an effort to “bolster its capability and scale in trustee and custodial services”, the statement says.
In 2018 alone Sargon bought the IOOF corporate trustee business, the pioneering Australian listed digital advice firm Decimal, and the rebooted NZ company, Heritage Trustees. The group is also about to complete the purchase of the OneVue trustee business in Australia.
“On completion of that acquisition Sargon’s assets under trusteeship and supervision will exceed $50 billion, with more than 120 staff operating across Australia, New Zealand and Hong Kong,” the release says.
According to Australian media reports, Sargon is tilting at an ASX listing later this year with investment banks UBS and Deutsche as well as law firm King & Wood Mallesons advising on an IPO. Sargon is targeting a valuation of more than A$1 billion, the report says.
In 2017 Sargon was embroiled in a bitter dispute with the owner of NZ trustee roll-up Complectus following a failed $200 million plus buy-out deal. Complectus, founded by Andrew Barnes, owns several NZ trustee firms including Guardian Trust and Perpetual.