Outgoing Trustees Executors (TE) chief, Ryan Bessemer, wraps up his more than five-year stint leading the fund supervisory and investment administration this week.
Bessemer took on the top job in April 2018 following a period of executive and board instability at TE with an agenda to restock the senior staff, upgrade the firm’s technology and broaden the business offerings.
During his tenure the company also emerged as an investor in the start-up fund platform, Flint Wealth, along with Harbour Asset Management and ResearchIP.
Previously, Bessemer was chief operating officer of the ASX-listed
Equity Trustees, which plays in a similar space to TE in the Australian market.
He returns to Australia with a financial technology job understood to be on the horizon.
Bessemer resigned in August but TE has yet to name a successor.
The TE board was revamped at the end of last year with two Switzerland-based directors replacing a couple of NZ incumbents including Bessemer. TE is ultimately owned by Swiss resident, John Grace, via the Sterling Grace entity.
In February this year, Bessemer’s predecessor as CEO, Rob Russell, returned to chair the TE board while Victoria Grace – daughter of John and a US resident – stepped down in March.
Founded in 1881, TE has been through several ownership changes over its 142-year history including a brief period as part of the Tower insurance group and a turn on the NZX. Sterling Grace bought TE in 2003.
In other investment admin-related news last week, Teresa Walker, Calastone head of Australia and NZ, has departed after eight years with the UK-headquartered fund back office specialist, the last couple at the helm.
Marsha Lee has been bumped up from Calastone Australasia client relationship manager director to replace Walker.
In a statement, Calastone chief commercial officer, Brian Godins, said: “Industry scale fintech solutions are being increasingly recognised as underpinning commercial sustainability and innovation in a digital economy. We have a strong regional and global team to support this and thank Teresa for her contribution and efforts in growing the business and driving our positive client engagement.”
Calastone provides connectivity services between managed funds, investment platforms and the like to automate and reduce the cost of back-office processes.
The UK-founded business now has about 3,900 clients in 54 countries – including NZ where it works with most investment platforms – clicking over £250 billion of fund transactions each month, according to the release.
Meanwhile, the advisory industry group, Financial Advice NZ, has named Tony Dench as interim chief to replace the departing, Katrina Shanks.
Dench has a long career in the local advice sector, most recently as head of the Share-Newpark financial advisory group for five years until December 2022.
“He will take up the position from 13 November 2023 while the Board undertakes a search for a permanent CEO,” the industry group says in a statement.
Shanks resigned this September after five years leading Financial Advice NZ from its formation as a merger of three industry bodies in 2018.
She will move to Melbourne as chief of the Australian and New Zealand Institute of Insurance and Finance, effective January next year.