The Financial Markets Authority (FMA) is fishing for a team leader to bolster its freshly built investment management division.
Reporting to FMA head of investment management, Nick Combs, the position involved providing “specialist regulatory and/or legal expertise focused on investment management supporting the team and the FMA’s regulation function more broadly”, according to the job description. Including the prospective leader, the FMA investment team would amount to four staff.
“This newly created role and team was designed to reflect the FMA’s role in working closely with KiwiSaver and [managed investment scheme] MIS providers and relevant industry associations to ensure the FMA has strong influence over, and a good understanding of, key issues for and within the industry.”
The regulator has issued several ‘guidance’ papers for licensed fund managers over the last 12 months or so covering advertising, responsible investing and – most famously – ‘value for money’.
After a six-year career at the FMA, Combs took up the head of investment management role in May this year, reporting to investment director, Paul Gregory.
Gregory returned to the regulator in August last year after a three-year stint at Pie Funds. Pre-Pie he was FMA head of communications for two years following a six-year turn in a similar gig at the NZ Superannuation Fund (NZS).
Meanwhile, the NZS last week promoted Pablo Sosa to head of portfolio investments, filling the last senior role left vacant post a managerial shake-up earlier this year.
A 13-year NZS veteran across various positions, Sosa replaces previous head of portfolio investments, George Crosby, who was bumped up to general manager portfolio completion during the June reshuffle.
The now $60 billion plus sovereign wealth fund announced the senior level makeover in April along with the scheduled retirement of long-time head of finance, Stewart Brooks.
Sosa has experience in finance, risk, strategy and portfolio investments at the NZS, the release says. Prior to joining fund in 2008 he held senior finance roles at the Argentinean arm of global consumer goods conglomerate, Unilever.
“His strong technical knowledge places him in a good position to lead the Portfolio Investments Team and implement the Guardians’ long-term investment strategy,” the statement says.
The role also includes responsibility for running the updated internal tactical credit opportunities mandate revealed in the latest NZS annual report last month.
Elsewhere last week, nationwide financial advisory group, Wealthpoint, has named Peter Stubbs as new independent director in a move that lifts board membership to seven.
Stubbs, who retired as partner with legal firm Simpson Grierson in 2017, joins the board chaired by David Gyde, director and adviser of Wealthpoint member firm, Amicus.
Currently, Stubbs serves as chair of Rotorua Airport as well as similar board roles with Waikato local government agencies.
In a release, Gyde said the appointment came after considerable business developments at the diversified advisory group over the last year including establishing a general insurance brokerage, launching a suite of investment model portfolios and applying for a discretionary investment management services (DIMS) licence.
Structured as a cooperative, Wealthpoint also acts as the Financial Advice Provider (FAP) licensee for about 50 member firms covering 150 advisers. In August, a Wealthpoint affiliate – the Dunedin-based Altus Financial Services – was bought by another national advisory network, Share.
“As an adviser group with a broad value proposition that covers all key advice lines, it’s imperative we have a similarly broad set of skills represented at Board level,” Gyde said in the release. “Peter has very strong governance experience on Boards in a wide range of industries and his long career as a commercial lawyer provides us with exactly the key attributes we were looking for now.”
Wealthpoint formed out of the ashes of the AMP NZ adviser association in 2018 after the latter group de-risked its distribution relationships ahead of changing regulations.
Despite its insurance roots, the cooperative speaks for over $3.5 billion managed in investment portfolios and KiwiSaver. Last year Wealthpoint appointed boutique consultancy firm, Makao, as investment adviser.
At the same time, Keri Jenkins joined the advisory group as head of investments. In October this year, Wealthpoint took on ex-Smartshares customer services agent, Alistair Dring, as investment analyst.
According to Wealthpoint disclosure documents, the group currently uses about 10 underlying fund managers including AMP Capital, Colchester, First Sentier, Harbour, Milford, Mint, Nikko, PIMCO, Russell and Salt.
In Australia last week, the fast-growing exchange-traded fund specialist, BetaShares, named institutional stalwart, Greg Liddell, to the newly created position as responsible investments director. Most recently Suncorp director of sustainable investment, Liddell has a multi-decade track record in the Australian consultancy sector including long stints at both Mercer and Russell as well as serving as head of global equities at Queensland government-owned fund, QIC.
Alex Vynokur, BetaShares chief, said in a release: “Responsible investing is an area of significant importance for us and Greg’s expertise will allow us to continue to consolidate our leadership position as well as extend our involvement in the area.”
BetaShares established a NZ office in Auckland earlier this year, appointing ex Smartshares head of institutional, Thom Bentley, to run the show.