ANZ chief financial officer, Stewart Taylor, has moved temporarily sideways to fill-in as acting managing director funds management for the bank’s $33 billion plus investment arm.
A bank spokesperson said Taylor would assume the position at the end of this month in a new role created post the resignation of current director wealth and private bank, Craig Mulholland, who leaves his post at the same time.
Mulholland resigned in April, ending a 10-year career with the bank that took in a number of senior roles including general counsel and company secretary.
“We’re recruiting a permanent managing director funds management and hope to make an announcement in a few months,” the ANZ spokesperson said.
Amanda Owen, ANZ head of finance, would step in as CFO to replace Taylor in the interim.
ANZ is the largest KiwiSaver provider overall with over $18 billion across its current three schemes. However, ANZ is set to lose at least some of that in December this year after losing its bid to remain as a default provider last month.
The ANZ Default scheme reported about $2 billion under management as at the end of March this year, however, only $1.2 billion is in the conservative fund option mandated for default members. An unknown portion of the ANZ members in the conservative default fund would be classed as ‘active’, which would exempt them from transition to a new provider come December 1.
All of the five fired default providers – ANZ, AMP, Mercer, ASB and Fisher Funds – also have a few months to covert hard-core default members to active mode.
Meanwhile, Public Trust corporate trustee head of client services, Ireen Muir, is set to join the Wellington-based Annuitas group as schemes manager later this year. Annuitas manages the investments and member administration for the $4 billion plus Government Superannuation Fund (GSF) and the almost $2 billion National Provident Fund (NPF) – the latter covers a group of nine underlying, now-closed, Crown-guaranteed defined benefit schemes covering a range of industry groups such as aircrew and the meat industry. The larger GSF was established to offset some of the long-term liabilities of another shut-to-new-members public servant defined benefit pension scheme.
NPF invests via a small subset of underlying managers on the broader GSF menu.
Philippa Drury is currently Annuitas general manager schemes.
In a note last week, Andrew Hughes, Public Trust corporate trustee services (CTS) general manager, said Muir would finish up at the tend of August after more than 10 years with the government-owned entity.
“With her departure, the CTS leadership team and I will be taking the opportunity to consider how we structure our Supervision team to best meet the needs of our clients and colleagues,” Hughes says in the note.
Former Perpetual Guardian chief executive, Mark Jephson, will join Public Trust in a “consulting role” next week (June 21), the note says.
Prior to his almost 18-month stint as head of Perpetual Guardian, Jephson spent 12 years at Guardian Trust in various senior roles.