FNZ is recruiting for a new NZ chief with incumbent boss, James McDonnell, to return to a new sales-based role at the Wellington-based investment platform provider.
McDonnell, currently on extended leave, took over as head of the local FNZ business in September 2020 from Charlie Trotter.
UK-based FNZ Group head of senior appointments, Philip Quellyn-Roberts, is conducting a search for a replacement NZ country head.
In the interim, FNZ NZ chief operating officer, Vanessa Oakley, has stepped in to the top job. Oakley joined FNZ last August following a short stint as chief general counsel for the Accident Compensation Corporation. Previously, she served almost 10 years as head of strategy and business operations at Chorus.
During his tenure, McDonnell presided over the difficult roll-out of the modern FNZ technology to key NZ client, Consilium, which has now upgraded to the new wrap platform.
He also diversified the FNZ NZ business into the direct-to-consumer space in December 2021 with the $50 million buyout of then Kiwi Wealth-owned US share-trading platform, Hatch, which later featured in a novel joint venture arrangement with Jarden.
Last October FNZ NZ also purchased a stake in Auckland-based investment advisory boutique, Pāua Wealth Management – a world-first foray into financial planning business ownership for the platform giant.
As reported earlier this month, the FNZ Group repatriated its key corporate entities from the UK Channel Islands outpost of Jersey to NZ. Trotter remains as the sole NZ-based director on the FNZ Group boards.
Despite recent staff cut-backs that saw FNZ pare about 400 jobs globally, the business now employs about 6,000 people including 500 or so in NZ in its Wellington and, recently opened, Auckland offices.
FNZ administers about US$1.5 trillion on behalf of more than 650 institutions and wealth management firms across the world.
The NZ business has more than NZ$20 billion under administration with Consilium representing about NZ$7 billion of the total.
As well as the CEO search, the local FNZ office is looking to hire a head of delivery Australia and NZ.
The Wellington-based role includes responsibility for “capacity planning and resource management of all analysts, developers and testers who are allocated from the Solution Centre to A/NZ and when required, global projects”, according to the job specifications.
Furthermore, the head of delivery serves as “the escalation point for FNZ stakeholders for resolving delivery issues and implement clear and direct interventions with project teams when required”.