US-headquartered funds management firm, Fisher Investments, is looking to open a high net-worth advisory office in NZ with plans afoot to hire five advisers ahead of a launch at the back-end of 2024.
According to a Fisher spokesperson, the business plans to “start operations with our private client business in New Zealand later this year”.
“Our New Zealand expansion is consistent with our efforts to continue helping clients and families around the world with their investment needs.”
Fisher has a couple of wholesale mandates with NZ institutions, including as an underlying global equities manager for Booster, but the new venture will target wealthy individuals with at least NZ$1 million to invest.
Recruitment blurb notes that “Fisher Investments (not Fisher Funds)” is “now dedicated to expanding into NZ” after establishing an Australian advisory outpost in 2021.
Of course, Fisher is a big name in the NZ funds management scene with some branding sensitivities for the US Fisher to consider in establishing an advisory network here.
The recruiter information says under the Fisher model the advice team is split into two roles: ‘investment counsellors’ responsible for managing relationships in a target client base of 120-130 each; and, private client advisers charged with growing the customer base.
Initially, Fisher is seeking five private client advisers to be divided across three regions – South Island and upper and lower North Island – with an expected 75 new leads to chase each month.
Among other rewards, the Fisher advisory job comes with “typically” three offshore trips per year to Europe and the US “as part of ongoing professional development”.
Founded by Ken Fisher in 1979, Fisher Investments reported more than US$276 billion in assets under management as at July this year with the majority (US$237 billion) held on behalf of private clients and the remaining US$38 billion in institutional mandates.
Also last week, the NZ Superannuation Fund (NZS) has confirmed Michael Mitchell as chief risk officer.
Mitchell has held the role in an acting capacity after long-time incumbent, Mark Fennell, retired earlier this year.
“His appointment follows an extensive search and recruitment process,” a NZS release says.
Previously, Mitchell was head of risk at the now $76.6 billion sovereign wealth fund in an NZS career that dates back to 2005.
Before joining the fund in 2005 he worked at Morgan Stanley, Westpac Investment Management, ABN Amro and the Reserve Bank of NZ.
Jo Townsend, NZS chief, said in the statement: “Understanding, assessing, and managing that risk is one of the most important jobs we have, and I am very pleased we will have Michael to lead that work.”
Meanwhile, the Australian arm of BNY subsidiary, Insight Investments, has named Amy Clements as head of distribution for Australia and NZ.
Clements replaces the Australian financial services veteran, Bruce Murphy, who retired last week after nine years heading the Insight business for Australasia and a 35-year career spanning stints at Deutsche Asset Management, Macquarie and BNY Mellon Investment.
He remains as chair of the Australian Defence Bank.
The London-headquartered Insight has more than A$1.2 billion under management including A$55.7 billion sourced via the Australian arm across fixed income, multi-asset and currency strategies.
Despite the cross-Tasman ambitions, Insight is lesser-known in the NZ market.