Pathfinder parent, Alvarium, is hiring for a new chief investment officer (CIO) to replace interim incumbent, Wayne Ross.
Ross took over CIO duties at the diversified financial services firm last February following the exit of Pathfinder co-founder, Paul Brownsey.
In its recruitment blurb, Alvarium says after making “several high-profile senior appointments in recent years”, the company is back in the market for a CIO.
“The role will strengthen Alvarium and Pathfinders’ value proposition and position the two businesses for further growth,” according to the job specification.
As well as the ethical-themed Pathfinder funds and KiwiSaver scheme Alvarium NZ separately runs other investment portfolios in asset classes such as property and private debt as well as financial advisory services (including the Newton Ross business that joined the group in 2021).
The business “offers a connected ecosystem of investment opportunities, advice, and solutions to manage and grow clients’ wealth”, the recruitment material notes.
Alvarium has a complicated history in NZ with the UK-founded group first entering the funds market here in 2018 in a joint venture with Tailorspace – the Christchurch-based Gough family office investment vehicle – to buy half of iconic local hedge fund-of-funds manager, NZAM.
Previously known as LJ Partnership, Alvarium later purchased part of Pathfinder before ultimately taking on full ownership the firm and NZAM.
In 2023, the NZ arm of Alvarium formally split from the UK parent, which had since listed in a Nasdaq SPAC merger with US wealth management business, Tiedemann Investment Advisors.
Andrew Williams, Alvarium global founder, retains more than 15 per cent of the NZ business while the Gough family own over 40 per cent.
Alvarium is also a principal sponsor of NZ SailGP – that competes in the Americas Cup-style global yacht-racing series.
Elsewhere last week, the business formerly known as Link Market Services has hired Frank Lombardo from the ASX-listed financial services firm, Insignia, as its new head of retirement solutions Australia and NZ.
Lombardo joins the new-brand MUFG Pension & Market Services as the group’s global retirement solutions chief, Dee McGrath, prepares to step down this June 30.
In a release, the firm says: “Over the next few months, Ms McGrath will predominantly focus on the international MUFG Retirement Solutions businesses in the UK and Hong Kong, while working closely with Mr Lombardo to ensure a seamless transition for Australia and New Zealand.”
The business, which offers a range of corporate and funds management administration services, unveiled a deal with Indian mega IT firm, Tata Consultancy Services, last month set to spruce up its superannuation back-office tech.
Onboarding on February 18, Lombardo was most recently chief operating and technology officer at Insignia, the business once known as IOOF that is currently fielding takeover offers from three private equity firms – Bain Capital, CC Capital and Brookfield – in the order of A$3 billion.
In the newly established role at MUFG he will “allow the business to address the unique challenges and opportunities in Australia and New Zealand, ensuring clients in the region receive the dedicated focus, tailored support, and innovative solutions required to succeed in today’s dynamic environment”.
Meanwhile, two trans-Tasman asset consultancy firms revealed some staff moves last week including the appointment of Lucy Minichiello as the new head of real assets at Frontier Advisors.
Minichiello replaces Manish Rastogi who left the Melbourne-headquartered Frontier last September after a six-year stint at the research house.
She was most recently director portfolio management at Westbourne Capital, a firm providing “institutional client capital in infrastructure investments across the globe”, according to a release.
Previously, Minichiello held senior roles at PricewaterhouseCoopers, Challenger Infrastructure Fund, Goldman Sachs and Citigroup.
Frontier – which counts the $1 billion Tauranga-based energy, TECT, as its sole NZ client to date – has a long record advising on real assets from its origins in the Australian industry superannuation sector.
The union-founded industry super fund cohort has historically favoured unlisted assets.
Also last week, JANA bumped its head of global equities research, Matthew Gadsden, to a newly created role as part of a broader rejig in the team.
Senior consultant, Justin Tay, steps into Gadsden’s old job while Robert Moore has been confirmed as head of the rebranded debt research team (formerly known as the fixed interest research team).
Under the change, Moore will focus solely on sub investment-grade debt as Martin Rea takes over responsibilities for investment-grade debt.
In a release, JANA says the split of duties “allows for greater dedicated resourcing and focus on sub-investment grade debt, a rapidly growing area of interest for clients”.
While Gadsden, Tay and Moore are JANA veterans, the business has also hired three new consultants – two with senior status.
“Stephanie O’Brien will join the property research team, James Leos will focus on private equity research, and Tina Nguyen will cover infrastructure research,” the release says.
“Leos comes from IFM Investors, where he was most recently an executive director in the private equity team, O’Brien worked at EY and CBRE, and Nguyen arrived from Bain & Company.”
The storied Australian investment consultant has also carved out a substantial niche in NZ that includes, among about a dozen others, the coveted advisory spot at the roughly $2 billion Foundation North.