Wellington-based fund-hosting firm, Implemented Investment Solutions (IIS) has hired industry veteran, Paul Bishop, in the newly created role of chief operating officer (COO).
Most recently head of funds management for Auckland boutique, NZ Funds Management, Bishop spent 12 years as COO for investment administration firm, MMC, ending in mid 2018.
He also served in accountancy roles at PwC, Schroders and Credit Suisse as well as consulting on investment operations for BNZ from late 2018 to early 2021.
In a note to clients, Michael Courtney, IIS fund hosting general manager, said: “Paul’s appointment adds to the leadership strength and technical expertise of our ever-expanding team of investment operations gurus.
“Within our fund hosting business we are constantly striving to bring our clients ‘peace of mind’ in the area of issuing and managing funds. I am confident Paul’s appointment will significantly add to our ability to achieve this objective.”
IIS now counts almost 20 fund-hosting clients, most recently adding Australian firm, Hyperion Asset Management, to the menu.
Meanwhile, the almost $60 billion NZ Superannuation Fund (NZS) is looking to fill the new top table position of general manager corporate affairs.
The role combines the NZ “legal and communications functions as well as Board secretariat”, according to the recruitment specs.
“It is a strategic role that must provide leadership on a range of issues that affect reputation, as well as the quality of stakeholder relationships within the legislative, ownership and accountability settings that the Guardians occupies,” the job description says. “The GM Corporate Affairs will be a confidant to the Chief Executive and broader leadership team, as well as the Board.”
The broad-sweeping position includes supporting “relationships with the Crown and agencies of government, as well as local and international media, Iwi, and peer sovereign wealth funds overseas”.
Cristina Billett, NZS head of legal since 2015, is currently acting corporate affairs general manager.
Across the Tasman last week, the AMP Capital diaspora continued amid the ongoing corporate break-up that has seen the listed securities business sold to Macquarie and the private assets arm readied for sale or listing.
For instance, Maple-Brown Abbott picked up two former AMP Capital portfolio managers, Phillip Hudak and Matt Griffin, to kick-start a new small caps strategy.
Hudak ran the AMP Capital Australian small caps fund from inception in 2013 with Griffin joining as co portfolio manager five years later.
Maple-Brown Abbott chief executive Sophia Rahmani said in a release: “The opportunity to add this sought-after capability through the appointment of two highly experienced investment professionals is ideal for us.”
“Our people and our platform allow us to efficiently add and support new investment teams, and we expect to launch an Australian small companies fund soon after Phillip and Matt start.”
At the same time HSBC Asset Management has also snaffled a team from the now-sold AMP Capital listed markets business to launch a new fund.
The former AMP Capital listed infrastructure team, headed by London-based Guiseppe Corona, joined HSBC last week to run the newly established Global Infrastructure Equity Fund.
Andy Jones, Antonio Barbera, Michel Debs and Jessica Nguy will work alongside Corona in London while Joseph Titmus and Xueting (Claire) Zhang are based in the HSBC Sydney office.
Joanna Munro, HSBC alternatives chief, said: “Infrastructure equity fits perfectly with our strategy of bringing core and innovative solutions to institutional and wealth clients who are increasingly looking to diversify and allocate more to alternatives.”
Macquarie paid A$63 million upfront for the AMP Capital global equities and fixed income (GEFI) business in a complex deal that settled last week.
In Australia, Macquarie bought the GEFI assets rather than the underlying AMP Capital business, incorporating most funds into existing strategies run by in-house portfolio managers.
However, some AMP Capital Australia staff made the trek to Macquarie including global head of real estate, James Maydew, and his team.
“We are all very excited to be joining an incredible growth-orientated organisation with a global platform and importantly to be doing it as a team,” Maydew said in a statement.
In total, Macquarie secured A$47 billion from the GEFI purchase with a further earn-out payment of A$75 million due to AMP in two years’ time subject to targets.
According to an AMP statement: “The amount remains uncertain with the retention of AUM [assets under management] being the main driver.”
The Sydney-headquartered Macquarie bought the AMP Capital NZ business outright, enabling a cleaner transition of staff and funds on this side of the Tasman.
Shawn Johnson, AMP Capital chief, said: “Our teams have been actively working to ensure a smooth transition of funds and clients and we’re confident that [Macquarie], and our talented teams who are transferring, will deliver great outcomes for them.”
AMP is set to list the remaining private asset management business, now renamed Collimate Capital, in the first half of this year but potential trade buyers are also circling.