Macquarie Asset Management NZ refugee, Michael Gray, has resurfaced as an investment strategist at JMI Wealth.
Gray ended a two-year stint as head of investments at Macquarie last month as the firm, previously known as AMP Capital NZ, handed over management rights for most of its funds to Mercer NZ.
He joined AMP Capital NZ in April 2021 in an interim role before graduating to a permanent spot later that year, just as the broader Australasian funds management operation began to splinter. Macquarie agreed to buy the AMP Capital NZ business in August 2021, taking possession in March last year before inking the Mercer deal in September.
The Financial Markets Authority (FMA) formally cancelled the Macquarie NZ managed investment scheme licence last week.
Prior to AMP Capital Gray had established a consultancy firm after five years with advisory business, Caliber Investment. He also held senior investment roles with Suncorp and CommInsure in Australia and ASB in NZ.
In his new job, Gray reports to JMI Wealth director, Andrew Kelleher.
“Our clients value our ability to customise investment solutions to meet their needs, and we’re confident Michael’s background and experience will contribute significantly in this regard,” Kelleher said in a statement.
JMI Wealth, an Investment Services Group subsidiary, manages more than $2.5 billion on behalf of wholesale and high net worth clients.
Elsewhere, Implemented Investment Solutions (IIS) quality assurance manager, Andrew Brockway, has retired after 12 years with the firm and a long career in the NZ industry.
Brockway was a foundation employee and shareholder of IIS, about to be rebranded as FundRock NZ under new owners, Apex Group.
He spent almost nine years at AMP Capital NZ working as an equity analyst and portfolio manager before shifting to senior product development positions, later moving to similar roles at Axa (which was bought by AMP in 2011) and the finance company, St Laurence Group.
He has been involved in many innovative NZ investment product developments including the once-influential AMP Capital listed passive vehicle, the World Index Fund NZ (or WINZ).
IIS founder, Anthony Edmonds, said Brockway’s deep industry knowledge and experience was instrumental in developing the firm’s compliance and operations systems that underpin the fund-hosting service.
“He has an exceptional eye for detail and a tunnel-vision focus on completing tasks,” Edmonds said. “I’ve worked with Brockers for more than 25 years starting at AMP Capital and he has been a key part of IIS since inception. But with the company now moving into a new phase he has decided to retire – we all wish him well.”
Magellan Asset Management veteran and head of research, Vihari Ross, has joined Sydney-based global equities boutique, Antipodes, as a portfolio manager.
Ross spent 15 years at Magellan, joining the firm in 2007 soon after it was founded following four years with Ausbil Dexia covering financial and consumer stocks.
Her exit follows a long period of instability at Magellan, which has seen the firm bleed over A$60 billion of funds under management since the end of 2021: as at the end of February the group reported A$45.4 billion under management.
Jacob Mitchell, Antipodes chief investment officer, said in a release that Ross joins as the value-style manager expands its product range.
Antipodes launched the Climate Delta Fund this January as well as recently adding the small- to mid-cap Global Opportunities Fund to its suite.
Mitchell said Ross would “further bolster our experienced portfolio management team at a time when active management is arguably more important than ever”.
Antipodes has more than A$10 billion under management including about NZ$50 million held in two portfolio investment entity (PIE) funds offered in NZ under IIS colours.
The global equities specialist is part of the ASX-listed boutique multi-affiliate group, Pinnacle.
Also last week the global fund industry back-office network, Calastone, has reconfigured some senior roles while naming Brian Godins to the new position of chief commercial officer.
Under the “global realignment” Justin Christopher takes up the head of Asia job in Singapore in place of Ross Fox who relocates to London to head the UK and Europe Calastone divisions.
Teresa Walker remains in place as head of Australia and NZ.
The management do-over will also see Calastone revenue officer, Ed Lopez, move into the new president money market services position.
Godins, most recently head of HSBC securities services for Asia-Pacific and Middle East, reports to Calastone chief, Julien Hammerson.
“The funds industry is undergoing an unprecedented transformation and as our business enters its next phase of growth, Brian will be instrumental in driving our client and industry engagement to support the next generation of digital investing,” Hammerson said in the release.
Calastone has added about 600 new clients over the last 12 months to a fund-messaging network that now includes some 3,600 customers (with several in NZ) across 54 jurisdictions and “processing £250 billion of investment value each month”, he said.
Meanwhile, a couple of top investment-related jobs are up for grabs at the FMA and MAS (Medical Assurance), respectively.
The FMA is looking for a new head of investments under its recently restructured management layout.
“We’re embarking on a new journey with a clear focus on outcomes-based regulation,” the FMA ad says. “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.”
Previously, the now-departed head of investments reported to Paul Gregory in his former capacity as investments director (Gregory is now executive director regulatory response). However, any incoming head of investments will fall under the command of Clare Bolingford, executive director regulatory delivery.
MAS, which has about $2 billion under management including an approximately $1 billion KiwiSaver scheme, is looking for someone to take responsibility for “the performance of the MAS investment programme which is actively managed by a carefully selected group of third-party investment managers”.
In July last year the former Smartshares chief operating officer, Helen McDowall, joined MAS as head of investments and business development while then head of investments, Colin Thomson, rebranded as senior investment specialist.