The Financial Markets Authority (FMA) head of investment management, Nick Combs, has left the regulator after eight years in various positions.
Combs, previously serving in senior adviser roles for the FMA supervision division, took up the investment job in 2021.
He helped develop the ‘value-for-money’ guidelines currently seeping through the retail funds management sector among other achievements.
FMA supervision manager, Wai Tat, has assumed the head of investment role in the interim as the regulator recruits.
As reported this April, the FMA recruitment blurb says:
“We’re embarking on a new journey with a clear focus on outcomes-based regulation. As our new Head of Investment Management, you’ll be helping New Zealanders to have confidence that our investment management sector is delivering value and supporting their financial future.”
Under a new management structure, the head of investment will report to John Horner, the recently appointed FMA director markets, investors and reporting, who in turn answers to Clare Bolingford, executive director regulatory delivery.
Previously, Combs reported to Paul Gregory, who morphed from executive director investments to the new top table title of executive director regulatory response last September.
Former Annuitas general manager investments, Paul Bevin, has resurfaced as an independent director for the Forsyth Barr-owned fund house, Octagon Asset Management.
Bevin joins Richard Bodman as an independent board member for Octagon, which emerged out of the broader Forsyth Barr business late in 2021. Bodman is also chair of Te Ahumairangi Asset Management, the boutique fund manager founded by, Nicholas Bagnall, who was Accident Compensation Corporation (ACC) chief investment officer
Paul Robertshawe, Octagon chief investment officer, said in a statement that the new board appointment comes as the $500 million manager – mostly sourced from in-house money – looks to grow its external institutional mandates and direct retail business.
“His depth of experience and knowledge will be invaluable to helping us execute our strategy and ensure best practice funds management disciplines,” Robertshawe said.
Bevin spent almost two decades at the Wellington-headquartered Annuitas, which manages more than $7 billion via the Government Superannuation Fund and the National Provident Fund, before leaving the group this March.
His exit followed a leadership refresh at Annuitas that saw former WTW global head of governance consulting, Tim Mitchell, replace long-time chief, Simon Tyler, this year while asset allocation manager, Keith Poore, decamped to a similar role at the ACC fund in February. Nicky Rumsey, manager investments, also left Annuitas recently after 17 years with the business.
Annuitas named ex Public Trust portfolio manager, Lawrence Young, to replace Rumsey this February while the group continues to recruit for the general manager investments role previously held by Bevin. Young served over nine years at Public Trust as well as almost six years (ending in 2012) at AMP Capital NZ in investment roles.