The Accident Compensation Corporation (ACC) has hired former Annuitas asset allocation manager, Keith Poore, in a fixed term position.
Poore accepted an interim asset allocation strategist role at the $45 billion ACC fund after leaving Annuitas this January.
His exit follows a senior leadership shake-up at the Wellington-based Annuitas including the resignation of veteran general manager investments, Paul Bevin, in January and the departure of long-time chief, Simon Tyler, last year. Bevin completes an 18-year stint with Annuitas at the end of March.
Former WTW (Willis Towers Watson) global head of governance consulting, Tim Mitchell, took over this January as head of Annuitas, which manages the approximately $4 billion Government Superannuation Fund and the $1.8 billion National Provident Fund.
Poore joined Annuitas in 2016 after serving for almost five years as AMP Capital NZ head of investment strategy.
The ACC also recently hired Nick Smyth as a fixed income strategist for the bond-heavy fund. Smyth spent more than five years at BNZ as an interest rate strategist ahead of joining the ACC fund in February.
Prior to BNZ he worked in senior foreign exchange roles for the Bank of England and, latterly, as a fixed income portfolio manager at the London arm of UBS Global Asset Management.
Before moving to the UK in 2009, Smyth was a currency portfolio manager for the Reserve Bank of NZ.
Meanwhile, Milford Asset Management chief, Mark Ryland, last week joined a growing list of NZ fund executives to call it quits – albeit with a year-long notice period in his case.
In a statement, Ryland said he would step down as Milford CEO at the end of March next year to close out a five-year run in the job.
He was named as interim Milford chief late in 2018 (upgraded to a permanent role in February the following year) in the wake of the surprise departure of then-incumbent, Troy Swann.
Ryland came to Milford as head of risk and compliance in 2014 from Brook Asset Management where he was managing director of the famous NZ boutique during its final years.
Previously, he held senior positions at Macquarie Private Wealth NZ and ASB, including leading the-then bank-owned Aegis investment platform for three years.
Gavin Walker, Milford chair, said in a statement that Ryland had “successfully led our business through a period of strong and high-quality growth, with FUM increasing from $6 billion in 2019 to over $17 billion and a material increase in market share”.
During 2023 to date the NZ fund industry has seen three other leaders slated for departure next month including: Smartshares chief, Hugh Stevens; Nikko Asset Management NZ head, George Carter; and, Kiwi Wealth chief, Rhiannon McKinnon.
Macquarie Asset Management (MAM) NZ chief, Rebekah Swan, is also expected to leave the business formerly known as AMP Capital NZ next month as Mercer assumes control of the most of the group’s funds (bar the local fixed income operations).
Swan and Michael Gray, Macquarie MAM NZ head of investment strategy, both stepped down from the board of MAM Public Investments NZ last week.