Anglican Financial Care (AFC) has named former head of the Takeovers Panel, Margaret Bearsley, as incoming chief executive set to replace Mark Wilcox in September.
Wilcox gave notice last December, “giving the Board time to identify a suitable successor”, according to a letter from AFC chair, Dean Lawrence Kimberley.
Bearsley, currently NZ Registered Architects Board chief, served as head of the Takeovers Panel for six years ending October 2017. She was also manager corporate secretariat for the Accident Compensation Corporation (ACC) for almost three years until June 2020 – a role that gave “her exposure to the ACC Investment Committee which oversees ACC’s $52 billion fund”, the letter says.
“Margaret is a well-respected and proven Chief Executive who has a strong track record delivering strategic and operational progress, while developing a culture focused on care and service,” Kimberley says in the letter. “I am confident she will have the same focus for our members. She is also a committed member of the Catholic Church which is demonstrated by her original degree being in Theology from Holy Cross College and Otago University, and she is continuing to maintain her theological reading.”
The letter says Wilcox would remain in-situ until Bearsley formally takes up the job on September 13.
“Mark joined us in 2013 and has led the organisation through a period of significant change developing a strong commercial discipline during which funds under management have grown by 50% and organisational capacity and capability have been significantly enhanced,” Kimberley says.
Known as the New Zealand Anglican Church Pension Board until 2019, AFC offers a range of financial services to church members and clergy, including a number of funds (notably a pension scheme) totaling over $200 million under management.
The AFC funds include the $50 million plus Christian KiwiSaver scheme, a restricted scheme open to members beyond the Anglican faith.
Across the ditch last week, Australian consultancy firm JANA lured Michael Maher from rival Mercer to take on the role as co-head of the not-for-profit client sector.
In a release JANA, which has several NZ clients including BNZ and Foundation North, said the appointment followed rising demand for investment advice in the not-for-profit market.
Maher, who started in the role last week, will work alongside fellow co-head of not-for-profit, Michael Karagianis, the statement says.
JANA principal consultant, Duncan Smith, said: “JANA has seen increasing demand from various non-super clients, including not-for-profits, wanting to access our extensive investment advisory expertise. This has been driven, in part, by the need to maintain returns and distributions in a low interest rate environment.
“In Michael Maher, we saw an opportunity to address this heightened demand with an outstanding individual that brings the right experience, capability and culture to our fast-growing not-for-profit team.”
The JANA not-for-profit sector represents almost half of the firm’s clients by number, according to the statement.
Maher comes to JANA after a 13-year career at Mercer Australia – the last six as head of its endowments and foundations division.
JANA, a pioneering investment consultancy firm with a long history in Australia, is now part-owned by ASX-listed financial services firm IOOF, which acquired the stake after purchasing the National Australia Bank wealth management business (MLC) last year. IOOF finalised the MLC deal early this June.
In December 2020, JANA landed its biggest not-for-profit win in NZ after supplanting Cambridge Associates as investment adviser to the $1.5 billion Foundation North (once known as the ASB Community Trust). Fidato Advisory, headed by Ed Schuck, ran the Foundation North investment consultant tender.