Former Fidelity Life chief of, Milton Jennings, has been appointed to the advisory board of the Hawke’s Bay-based wealth management firm Stewart Group.
Jennings joins Peter Mancell, head of Australian dealer group FYG Planners, on the Stewart Group advisory board, which includes oversight of subsidiary Boutique Advisers Alliance (BAA).
Collectively, the seven BAA members manage about $360 million, including the Dimensional Fund Advisors-based ‘Asset Class’ KiwiSaver funds offered under the Booster scheme.
Booster (formerly Grosvenor) picked up the Asset Class funds following its purchase of the Fidelity KiwiSaver in 2013.
Jennings announced last December he would step down as Fidelity chief after 29 years with the life insurer, including 14 at the helm.
Nick Stewart, Stewart Group director, said Jennings would offer considerable value to the firm as both it and the BAA continued to expand.
“Stewart Group has experienced significant growth over the last five years and we have ambitious plans in the pipeline,” Stewart said. “Milton is incredibly well respected in the industry and his knowledge and insights will be invaluable with our next growth phase”.
In a statement, Jennings said he had a long-standing relationship with the Stewart Group founders “and have followed their progress with interest”.
“Stewart Group has a sound reputation of operating with the highest integrity and I’m excited to be working with such a progressive company at a key growth stage,” he said in the statement.
This July the Stewart Group purchased Wellington-based Red Wealth, which reported funds under management of about $40 million.
The Hastings-headquartered firm earned its discretionary investment management service (DIMS) licence earlier this year.
In 2015 the Stewart Group was also accredited under the global Centre for Fiduciary Excellence (CEFEX) designation.
Launched last year, the seven BAA members “are all fee only and independently owned businesses, with an investment approach that embraces low cost, broadly diversified portfolios”, according to the Stewart Group statement.
Typically, the BAA favours the ‘factor investment’ process offered by US passive-style pioneers Dimensional.
Jennings officially steps down from his Fidelity role this month as replacement, former Asteron Life NZ chief, Nadine Tereora, begins her tenure.