Former Salt chief operating officer, Anthony Sowerby, has resurfaced in the NZ industry following a year-long soujourn in the Middle East.
Sowerby, who left the Salt table last year after a five-year stint with the Auckland boutique manager, takes up a newly-created fund execution consulting role with Implemented Investment Solutions (IIS).
The move reunites him with former AMP Capital colleague, IIS founder, Anthony Edmonds.
In a release, Edmonds said while Sowerby would initially help various external groups with fund structuring needs, his skills would ultimately be deployed across the IIS business lines including fund-hosting, online direct fund distribution platform InvestNow as well as its planned expansion into other market areas.
“There’s strong demand from groups who want our help with projects like launching funds, [managed investment scheme] MIS licencing, or reviewing how their funds work – rather than wanting our full-fund hosting services,” he said. “Anthony’s experience at Salt means he is perfectly-placed to work on these projects.”
IIS manages almost $4 billion across its eight fund-hosting clients and more than $360 million in the InvestNow platform. Last week Hobson Wealth launched a new range of products under the IIS banner – the first NZ-domiciled manager to go down the fund-hosting route.
Before joining Salt in 2013, Sowerby served as retail sales manager for AMP Capital NZ, moving to the funds management arm following a three-year career with sister firm, AMP Financial Services.
He resigned from Salt last May ahead of a short-term family move to Abu Dhabi. Former ASB head of wealth, Roger Clayton, filled the Salt chief operating officer vacancy last June.
The Tauranga-based Sowerby formally assumes the IIS role in November.
“I’m really looking forward to working with a quality team in a fast-paced work environment that provides exciting business opportunities,” he said in the statement.
Meanwhile, another newly-appointed Eastern and Central Community Trust (ECCT) trustee, Susan Davis, has exited one week after the resignation of fellow board member, Nick Stewart.
Davis was among a batch of four new ECCT trustees appointed this June that included the Hastings-based financial adviser, Stewart.
Following her departure, the ECCT board, chaired by Shelley Mitchell-Jenkins, sits at eight.
ECCT had about $183 million under management – including some private equity holdings – as at the end of March this year, up from just under $175 million 12 months prior. Michael Chamberlain, head consultancy firm MCA, serves as investment adviser to the ECCT.
Also last week, global funds management giant, T Rowe Price, named Cassandra Crowe as head of consultants for Australia and NZ.
Crowe previously performed a similar role at the recently-created retirement solutions firm Allianz Retire+ Powered by PIMCO.
She will work with the T Rowe Price investment and business development teams to “enhance engagement with consultants, researchers, platforms and advocacy groups that underpin the retail and institutional markets of Australia and New Zealand”, according to a release.
Before the Allianz job Crowe worked as investment specialist/research manager at NAB Asset Management after a three-year term with Dimensional Fund Advisors in London.
In Australasia, T Rowe Price offers global equities, Australian equities, fixed income and multi-asset products. The US-headquartered fund manager also partnered with Harbour Asset Management in 2015 to launch a global equities portfolio investment entity (PIE) product.
Jason Lindsay, former Australasian infrastructure portfolio manager for the $40 billion plus ACC fund, has taken on investment duties for the Forsyth Barr-owned Summer KiwiSaver scheme.
Lindsay, who joined Forsyth Barr as co-head of funds management this September following a six-year career at the ACC, will be portfolio manager of the Summer NZ and Australian equities funds as well as the listed property product.
Summer also cut fees on its cash, fixed income and conservative funds last week from 0.9 per cent to 0.5 per cent for cash and 0.75 per cent for the remainder.
Summer had more than $125 million under management as at March 31 this year.