SuperLife founder Michael Chamberlain will officially leave the NZX building as at the end of this year, the exchange operator revealed today.
The announcement of Chamberlain’s exit – some three years after he and co-founder Owen Nash sold SuperLife to the NZX for $35 million – coincided with the news Hugh Stevens, has been hired as NZX head of funds management.
Chamberlain and Nash offloaded the SuperLife KiwiSaver and superannuation business to the NZX late in 2014 in a deal ultimately worth $35 million after hitting all post-sale targets.
The SuperLife pair were both contracted for three-year terms post sale, however, Chamberlain formally departs the NZX on December 31, while Nash would stay on part-time until mid-2018 to ease the changeover under Stevens.
Stevens, currently running the Implemented Investment Solutions (IIS) fund-hosting business, would take up the position next February, replacing incumbent, Aaron Jenkins, who resigned this June.
In a release, the NZX says Stevens would head the “Auckland based Smartshares exchange traded funds (ETF) business and its superannuation and KiwiSaver business, SuperLife”, reporting to chief executive, Mark Peterson.
SuperLife has grown to $2.6 billion from $1.7 billion at the point of purchase, the NZX says.
Prior to joining IIS, Stevens spent several years as head of private equity and real estate fund services for BNP Paribas in Paris after a long stint running BNP Paribas Securities Services in NZ.
IIS recently appointed former Cooperative Bank CFO, Gareth Fleming, as its CFO with another senior hire expected soon.