Nikko Asset Management NZ is facing a leadership shake-up with both managing director, George Carter, and head of distribution, James Wesley, set to leave the business in March.
Current head of equities, Stuart Williams, will replace Carter, who plans to return to his native UK for personal reasons. Michael Sherrock will support Williams as co-head of the NZ equities team.
Meanwhile, in a big vote of confidence, Wesley has been promoted to deputy chief executive for the Nikko Americas business in New York. Sam Bryden will move up from senior relationship manager to fill the head of distribution role once Wesley departs for the US.
Carter said Nikko had put a strong succession plan in place.
In a statement released this morning, Williams said: “George has provided outstanding leadership to the NZ business, during which time it has evolved to support retail as well as institutional clients with a wide range of funds, services and KiwiSaver products. The investment we’ve made in our people over this time means that we already had the outstanding candidates to step up into leadership roles…”
Carter replaced Peter Lynn as Nikko NZ chief late in 2015, moving from AMP Capital NZ where he served as head of distribution for six year.
Williams joined Nikko in 2014 following a stint at ANZ Investments.
During his tenure Carter, a qualified actuary. oversaw a rationalisation of the product suite as well as a foray into the retail market with a robo-adviser (Goalsgetter) and the Nikko KiwiSaver scheme.
Nikko NZ assets under management has grown over 70 per cent since 2016 from $4.6 billion to almost $8 billion today, most of which is still sourced from institutional clients.
In the wake of the reshuffle, Nikko will recruit to replace Bryden.