The Craigs Investment Partners fund arm, QuayStreet Asset Management, has hired Craig Smith in a new fixed interest analyst role to support a growing part of the business.
Andrew South, QuayStreet chief investment officer, said Smith – a South African import – was appointed in line with the group’s “strategy to grow the investment team as we continue to experience strong FUM growth”.
QuayStreet currently boasts more than $1.6 billion under management across its KiwiSaver and retail funds as well as wholesale clients.
Prior to arriving in NZ earlier this year, Smith spent six years as a global equities portfolio manager for the Standard Bank-owned Melville Douglas Investment Management.
However, he has previously worked as an analyst across fixed income, shares and hedge funds.
“His experience across asset classes is what set him apart from other candidates and he is a natural fit with the rest of the team,” South said in a statement.
Smith reports to QuayStreet head of fixed interest and income funds, Roy Cross.
The appointment follows the recent exit of QuayStreet global equities portfolio manager, James Ring.
As reported here, Ring resigned from QuayStreet, ending a long career at the firm he joined at-launch almost seven years ago. Previously, he was involved in several well-known fund management ventures both in NZ and Australia including a seven-year stint at Challenger.
South has taken on interim portfolio management duties for the international shares fund while QuayStreet is also seeking a global equities analyst.
Also last week, Foundation North has re-chaired in the wake of a new trustee influx for the $1.4 billion plus community trust.
Walter Wells replaced Foundation North chair, Bhav Dhillon, who ended his four-year trustee term in mid-August. According to a release, Wells, appointed as Foundation North trustee last September, “is a company director providing professional advice and services to government, community, and the private sector”.
“He has extensive background in Māori Development with 30 years’ collective experience in the public sector, Iwi governance, Iwi asset management and governance appointments to community trusts and societies,” the statement says.
At the same time, well-known financial services figure, David Whyte, steps into the Foundation North deputy chair spot left vacant by Chris Severne, who also ended his four-year term as trustee last month.
Whyte, one-time head of the NZ arm of global life insurer AIA, currently consults to several financial services firms including the Lifetime Group, Provident Insurance, Strategi and the Kiwi Adviser Network.
The Foundation North chair-shuffling coincided with the regular trustee refresh that saw seven new members named in August.
Including the Foundation North intake, 27 new trustees joined across the 12 community trusts last month while 14 members were reappointed for extra terms.
Community trust board members generally serve four-year terms but must gain government approval – in this case, Associate Finance Minister, Megan Woods – to secure the much sought-after positions. The notoriously political process often sees the government-of-the-day select aligned parties for the rolling annual vacancies for the 12 regional community trusts.
In other charitable news last week, Mercer has lured Rebekah Dunn from rival, Russell Investments, to take up the role as Pacific region head of endowments and foundations.
Dunn, who served as Russell Australia head of for-purpose clients since March 2017, marks the third “specialist hire” for Mercer this year following the appointments of Marcus De Kock (private markets) and Linda vanTonder (insurance), the group says in a release.
Simon Eagleton, Mercer Pacific investments leader, said in the statement that not-for-profit clients have increasingly sought advice during the recent periods of market volatility.
Eagleton said during her time at Russell, Dunn worked closely with the university endowment sector in particular, “growing the client base significantly over a period of six years”.
“Rebekah’s experience will complement our already market-leading team and investment offering,” he said. “Bringing together manager research, advisory services, portfolio management and investment operations expertise, we are well placed to deliver a holistic suite of investment capabilities to more endowments and foundations in Australia and New Zealand.”