Former AMP Capital global head of fixed income, Grant Hassell, has joined the local licensed independent trustee (LIT) community after gaining a regulatory stamp of approval last week.
Hassell, who remains chair of AMP Capital NZ successor company now owned by Macquarie, brings the LIT numbers up to 35. Established under the 2013 Financial Markets Conduct Act, LITs are required as board members of restricted investment schemes, which are exempt from using licensed supervisors.
After serving for more than 30 years with AMP Capital in senior investment and management roles on both sides of the Tasman, including the last four as global head of fixed income, Hassell was appointed chair of Macquarie Asset Management NZ (MAMNZ) this April.
Macquarie bought the AMP Capital public markets business last year, completing the transition in the first quarter of 2022.
While Macquarie assumed control of the AMP global equity and fixed income assets in Australia, the group purchased the operating company in NZ as well – retaining the staff with Rebekah Swan as managing director.
Hassell said he planned to take up some LIT roles shortly.
Also last week, Mint Asset Management chief investment officer, Anthony Halls, announced his imminent departure to care for an ailing family member.
Halls, a nine-year Mint veteran, is set to end his tenure at the Auckland boutique on August 31 with the existing investment team plus new analyst recruits taking up the slack.
Michael Kenealy, who joined Mint from Salt Funds Management last November, has been promoted to portfolio manager of the Australasian Property Fund, previously run by Halls.
Mint chief, Rebecca Thomas, said in a statement: “Michael has a deep and abiding passion for investing. We are thrilled to apply his motivation and experience to the benefit of our Australasian Property Fund and the Investment team.”
The manager also hired Ryan Falls as a senior analyst to boost its asset class risk-modeling and macro-economic resources.
Falls moves to Mint following a brief stint as senior manager investment solutions for life insurer AIA NZ. Prior to joining AIA this June, he held top analytical roles with asset consulting firms Redington and Willis Towers Watson in the UK, dating back to 2015.
“As already planned in growing the investment team this year, we are currently seeking an additional analyst to join the Australasian Equity team and enhance their capability and capacity,” the release says.
Last month Mint, now part of the broader financial services Amplifi group, also named Tracey Cross as an independent director, replacing Amanda Livingstone.
Despite handing over CIO duties, Halls remains a shareholder in Amplifi.
“While we are very sad to see Anthony leave Mint, we wholeheartedly support his difficult decision to step down,” Thomas said. “He leaves the investment team in very good shape and, in a testament to Mint’s team approach and depth, the wider investment team will pick up Anthony’s responsibilities seamlessly.”
Meanwhile, the $1.8 billion Foundation North is on the hunt for a head of investment and finance, reporting direct to chief executive, Peter Tynan.
As per the job specifications, the role covers responsibility for “supporting the Board on good investment governance and ensuring internal investment operations are sound”.
“This includes overseeing the review and adherence to SIPO (Statement of Investment Policies and Objectives), including overall portfolio strategic planning and asset allocation in conjunction with an external Asset Consultant,” the recruitment ad says.
The country’s biggest community trust appointed Australian firm, JANA, as asset consultant at the end of 2020 to replace US-headquartered incumbent, Cambridge Associates.
Cambridge had advised Foundation North (then known as the ASB Community Trust) since 2010 after winning the coveted gig from Russell Investments.
The community trust lists about 40 staff members, mostly in admin and grants, and a leadership team of four including chief financial officer, Liam Sheridan.