Annuitas is on the lookout for a new chief investment officer after incumbent, Anthony Halls, handed in his notice.
Halls is due to finish a less than two-year shift at the government pension fund management shop on March 31.
He joined Annuitas in July 2023 following a year-long hiatus from the industry to replace long-time CIO, Paul Bevin.
Previously, Halls spent nine years at Mint Asset Management, the last five as CIO.
Tim Mitchell, Annuitas chief, said the business had begun the recruitment process with a formal job ad expected to be in the market by the end of January.
It is understood Halls will return to Auckland.
The Wellington-headquartered group manages both the $5.5 billion Government Superannuation Fund (GSF) and the $1.8 billion National Provident Fund.
During the 12 months to June 30 last year, the GSF returned 14.3 per cent net of fees compared to 14.9 per cent for its reference portfolio.
The GSF 2024 annual report notes: “Despite the relative performance in this financial year, the Fund’s returns are comfortably ahead of the Reference Portfolio over the last 3 and 5 years. We aim to add 0.8% p.a. on average over ten-year periods from alternative return sources, active managers and the strategic tilting programme. Added value in the last ten years was 0.3% p.a. over the Reference Portfolio so fell someway short of our long-term target.”
Aggregated gross annual returns for the eight NPF pension schemes (which feature a range of asset allocation models) amounted to about 12.6 per cent for the 12 months to March 31 last year.
Generally, the NPF underlying managers represent a subset of the broader GSF panel with the exception of Nikko, which runs a NZ cash portfolio for the former but is not listed as a provider by the latter.
Also last week, the Financial Markets Authority (FMA) has confirmed the departure of its inaugural chief economist, Stuart Johnson, less than two years into the role.
Johnson, an ex-pat Australian, has relocated offshore, allegedly to Canada, before Christmas last year with the regulator yet to decide to fill the top-table vacancy.
He took up the newly created position in February 2023 following an almost three-year stint as head of behavioural economics and conduct for the UK Aviva insurance business.
The now-departed economist was appointed amid a broad-sweeping executive revamp initiated by FMA chief, Samantha Barrass, who arrived to lead the NZ regulator from the UK in January 2022.
According to a spokesperson, Johnson established a team of eight specialists in the economics unit who would “continue to progress” the regulator’s “research and analysis agenda” – reporting to Daniel Trinder, FMA executive director strategy and design, “in the meantime”.
Elsewhere, the once-hot ASX-listed fund manager, Magellan, has promoted Michelle Mutchnik, to interim chief financial officer (CFO) as replacement for Kirsten Morton, who resigned last November to end an 11-year career with the firm. Morton was also chief operating officer for the group.
Mutchnik joined Magellan in 2020 as group financial controller before being bumped up to deputy CFO two years later as Morton served temporarily as chief executive officer during a turbulent leadership period for the manager.
Since October 2023, the business has been led by executive chair, Andrew Formica, with former Maple-Brown Abbott chief, Sophia Rahmani, named last year as managing director. Rahmani is expected to assume the Magellan chief executive spot this year.
“Magellan continues its search for a new permanent chief financial officer and will keep the market updated on progress as appropriate,” the group told investors in an ASX release.
At its peak late in 2021, Magellan – popular on both sides of the Tasman among financial advisers as a global equities option – managed over A$116 billion but subsequently suffered massive outflows to bring funds under management down to A$38.6 billion by the end of last year.
While funds under management have stabilised, the manager reported net outflows of A$400 million in December, split evenly between institutional and retail clients.