Kiwi Wealth chief, Ian Burns, has quit the $6 billion plus firm after six years at the helm.
Formally ending his tenure last week, Burns has been replaced in the interim by Rhiannon McKinnon, Kiwi Wealth general manager strategy and partnerships.
In a release, Kiwi Wealth chair, Gregg Behrens, said the government-owned investment house would begin the recruitment drive for a permanent replacement shortly.
“We have a solid foundation for executing the next phase of our strategy and Ian has decided now is the right time for him to take another step in his career,” Behrens said. “The Board thanks Ian for his contribution to Kiwi Wealth’s success and wish him and his family every success in their future.”
Burns joined Kiwi Wealth as CEO in 2014 following a short stint as country head for Guardian Trust. He previously served for three years as ASB general manager wealth and insurance after emigrating from the UK in 2010. Prior to ASB, Burns held several high-ranking bank roles in the UK.
He would “continue to provide support to Kiwi Wealth over this transition period”, the statement says.
Another UK expat, McKinnon has held several roles “across corporate finance, investor relations, treasury, M&A and strategy for Kiwibank, NZ Post and Murray & Company” since landing in NZ 14 years ago.
Kiwi Wealth, owned by a consortium of government agencies – including NZ Post, the Accident Compensation Corporation fund and the NZ Superannuation Fund – operates a roughly $5 billion KiwiSaver scheme as well as superannuation funds and private portfolio investments.
Meanwhile, Mosaic Financial Services Infrastructure named Catherine Fletcher as partner in February – the fifth to earn the ranking in the fast-growing Auckland specialist consultancy firm.
Fletcher comes to Mosaic following an almost 11-year career at ASB where she was most recently general manager payments, operational support and service.
According to a release: “She brings strong knowledge and experience in people leadership, operational excellence, risk management, productivity, change, implementing work management and robotic automation. Fletcher has worked across large transformational projects both within a business and at industry level, bringing a valuable skill-set to enhance the Mosaic team.”
Founded in 2010 by Myles Allan, Mosaic has enjoyed a growth spurt in the last couple of years that has seen consultant numbers rise above 50. Last year the firm added two new partners – Phil Doak and Mike Stobbs – in the space of a month, joining Allan and Tom Kirke at the top table.
The rapid growth at Mosaic “reflects the high demand by the NZ finance sector to differentiate through technology and to respond to ongoing high levels of regulatory change”, the release says.
Allan said Fletcher brings “a unique perspective to the Mosaic team having walked a mile in the shoes of our customers, she is able to bring first-hand experience of what’s possible, what works and how to deliver it”.
Across the Tasman last week, the Sydney-based arm of storied US growth fund manager T Rowe Price promoted Jacquie Arnott to head of wholesale and family office distribution for Australia and NZ.
Arnott joined T Rowe Price in 2015 in a relationship management role after serving in similar positions for big wealth brands – including Julius Baer and Merrill Lynch – in the UK and US.
She will be “responsible for leading the firm’s continued growth in the wholesale and family office distribution channels, including the private banks”, a statement says, reporting to Jonathon Ross, T Rowe Price head of intermediary Australia and New Zealand.
“Our key focus is to ensure wholesale and family office clients have access to T. Rowe Price’s global investment expertise across our equity, fixed income and multi-asset capabilities that align with their long-term objectives,” Ross said.
The Baltimore-headquartered fund manager, formed in 1937, boasts almost US$1.5 trillion in assets under management globally. As well as institutional mandates, the Sydney operation offers six Australian unit trusts targeting wholesale investors in the region covering international and Australian equities and global fixed income.
In 2015 Harbour Asset Management badged the flagship T Rowe Price Global Equity Growth Fund as a portfolio investment entity (PIE) for NZ clients, growing it to almost $220 million as at the end of last year.