FNZ has poached Flint Wealth chief, Angela Vale, to head the NZ business.
Vale, who has headed the challenger fund platform Flint for less than a year, will take pole position at FNZ mid-May, replacing interim chief, Vanessa Oakley.
“FNZ confirms the appointment of Angela Vale as new CEO New Zealand,” a company spokesperson said.
Oakley took over from former FNZ NZ head, James McDonnell, this February after he took extended leave.
In a note to clients, FNZ says: “Vanessa will continue in her role as chief operating officer, and when James returns, he will transition into a new role focused on growing our business in New Zealand.”
Prior to joining Flint – a joint venture between Australian firm, Research IP, Harbour Asset Management and Trustees Executors (TE) – Vale was head of digital financial services boutique, Footprint, since 2018 following a brief stint as chief growth officer for Perpetual Guardian.
She also held senior customer and strategic roles for several NZ companies including Sovereign and the Kelly recruitment group.
Research IP founder, Darren Howlin, and investment director, Oliver Trusler, have assumed joint control of Flint.
“We have expanded our roles to lead the strategic direction of Flint,” Howlin said.
He said Vale had “successfully implemented” a plan to position Flint as a business-to-business investment platform as opposed to the direct-to-consumer model.
“She was also instrumental in bringing on a significant client,” Howlin said. “We wish her all the best.”
Flint currently offers over 100 funds sourced from 11 NZ managers including 38 Smartshares products.
Last month TE and Harbour increased their Flint stakes (via holding company Formosa Wealth) to about 40 per cent apiece while Research IP now holds the remaining 19.5 per cent. Previously, the three firms held equal shares in Flint.
In February, TE chief, Ryan Bessemer, also stepped down from the Flint and Formosa boards with Switzerland-based director and family office financial controller, Keith Richards, filling the gap.
FNZ NZ partnered with Harbour majority owner, Jarden, last year to launch a direct-to-consumer investment platform based on the Hatch US share-trading service. Kiwi Wealth sold Hatch to FNZ for $50 million late in 2021.
Meanwhile, last week in the UK, FNZ hooked up with Virgin Money and fund manager abdrn (formerly known as Aberdeen) to release a new consumer-targeted investment platform.
The FNZ-backed Virgin service “provides both first time and experienced investors with direct access to a range of three investment funds to choose from”, according to a release.