Kernel Wealth has bolstered its senior ranks as the digital-only index fund and KiwiSaver provider closes in on $2 billion in assets under management after almost six years in operation.
The Auckland-headquartered Kernel named Andy Havill and Helen Skinner last week as respective heads of marketing and distribution/sustainability to bring its staff count up to 23.
Dean Anderson, Kernel co-founder, said the senior hires follow a period of rapid growth that saw the firm hit $1.7 billion in funds under management (FUM) this month.
Anderson said the business would hit $2 billion shortly with monthly net funds flow typically topping $100 million, marking a FUM-doubling in less than 12 months.
He said Kernel has picked up flows through multiple channels including strong KiwiSaver numbers (plus $320 million as at December 31 last year) as well as ongoing growth in direct retail clients, wholesale and model portfolio markets and financial advisers.
For example, Anderson said 25 advisory groups had signed up to use the Kernel KiwiSaver platform while its 2023-vintage Global ESG fund recently surpassed $350 million.
“We’re seeing a lot of interest from advisers in the Global ESG fund and it’s being used in more model portfolios,” he said.
Kernel offers about 25 funds, mostly following index-based strategies.
Anderson said Havill – most recently a senior marketing manager for Fisher Funds – and the ex ANZ Investments head of sustainability, Skinner, would help as the business continued to scale.
The Kernel up-staffing also came with two internal changes as former head of marketing and customer strategy, Catherine Emerson, took on the chief customer officer title while Nicola Maling was shifted to a relationship manager role from her previous event and office management duties.
Additionally, Air NZ general counsel, Jennifer Page, will join the Kernel board in April to replace Will Sellar. Page previously held roles at ANZ, Citi and Goldman Sachs.
In another governance move, Kate Armstrong will fill an independent director seat at Salt Funds Management left vacant by Kirsty Campbell last December while also chairing the boutique firm’s compliance committees.
Armstrong has served in a range of NZ insurance company board roles including for the former Suncorp-owned Asteron Life until its sale to Resolution Life this January.
She is also a director for TSB and a trustee of the NZ Housing Trust.
Previously, Armstrong held a number of senior executive roles at Westpac NZ including head of legal institutional and head of insurance and investments.
Salt sprung out of the Westpac-owned BT Funds business in 2013.
Armstrong serves alongside Salt founders Paul Harrison and Matthew Goodson on the board.
Goodson said in a statement: “Salt is excited to appoint a senior professional of Kate’s experience and skill to the board. She will start early February. This key appointment emphasises Salt’s commitment to high quality governance.”
Salt manages more than $2 billion including a key mandate for the Westpac/BT funds.