MMC has filled its final top-level vacancy with the hire of Paul Riddick as head of unit pricing.
Riddick replaces Scott McKelvie who took over as MMC head of registry last December.
Due to formally join the Auckland fund administrator this week, Riddick comes by way of South Africa where he spent the last 20 years at the continent’s biggest lender, Standard Bank.
Most recently head of operations, Riddick reported to the
Standard Bank head of global market operations with responsibility for maintaining the quality of the group’s banking and treasury data.
The role also included chief financial officer duties with the bank’s stockbroking subsidiary, SBG Securities.
Chris Watson, MMC chief operating officer, said Riddick’s strong financial operations and team management skills make him an ideal candidate to take on the demanding unit pricing position.
“Unit pricing requires a scrupulous attention to detail and an unrelenting drive for accuracy,” Watson said. “Paul brings all these qualities and more. We’re very pleased to have him on the MMC team.”
Riddick, McKelvie and Tracy Farrell, head of settlements and custody lead the three main operational units in MMC, supporting the executive leadership team headed by CEO Tom Reiher.
Following a reorganisation last year, the rest of the MMC leadership team comprises: Watson; Craig Richardson, chief information officer; Nicola Tait, chief relationship officer; and, Leigh Ryland, chief risk officer.
MMC has about $45 billion in assets under administration sourced from 28 funds management and KiwiSaver clients. Last year the group added custody to its range of services after launching into the KiwiSaver registry space in 2016.
Among a raft of other people moves last week, Vanguard Australia client relationship manager, Sam Weaner, will finish up this week after a 20-year career at the index fund giant.
Weaner was well-known in the NZ market, where he serviced an institutional client list that includes Booster, ASB, ANZ and Simplicity.
The latter manager also restocked its board with the appointment of three female directors last week. Mel Hewitson and Anna Tierney join the Simplicity board as full directors while Alexia Hilbertidou was appointed as a ‘future director’, which does not carry voting rights.
Kirsty Campbell resigned the Simplicity board last December, leaving Shamubeel Eaqub, Arther ‘Sam’ Stubbs, Ngaire Marslin and Reuben Halper as directors of the fund business. Following the new appointments, the board is now “over 50% women”, Simplicity says in a statement.
Finally last week, the Financial Markets Authority (FMA) revamped its executive team with two appointments. The regulator named Scott McMurray, previously FMA head of government and industry relations, as director strategy and stakeholder relations.
In a new hire, the FMA also lured Louise Nicholson across from ANZ (NZ) to take on the director of external communications role.
The FMA has another executive spot vacant following the mysterious exit of capital markets director, Garth Stanish, late in February.
Stanish left in the wake of an “internal employment matter”, the FMA said at the time. Liam Mason, FMA director regulation, and Nick Kynoch, general counsel, are sharing the capital markets responsibilities in the interim.