FNZ has a new local chief following the surprise departure of incumbent, Angela Vale.
Vale joined the NZ arm of the global investment administration behemoth only this May after a short turn as head of Flint Wealth, the fund platform joint venture between Trustees Executors, Harbour Asset Management and ResearchIP.
“We can confirm that Angela Vale has left the business,” FNZ said in a statement. “We’d like to thank Angela for her contribution and wish her all the best for the future.”
Scott Webster, currently FNZ Securities head, has replaced Vale, marking the fourth chief, or interim leader, for the NZ business in less than a year.
Prior to Vale, FNZ NZ chief operating officer, Vanessa Oakley, filled in as interim head after James McDonnell stepped down in February (later returning from leave in a sales role). Oakley also left the Wellington-headquartered firm in August.
FNZ likely remains the largest investment administration platform in NZ anchored by a number of key corporate clients including BNZ, AMP, Jarden and Consilium – the latter alone has more than $7 billion in assets under administration on FNZ technology, ranking as the largest single customer in the country.
It is understood that FNZ founder, Adrian Durham, and other shareholders of the global group are scheduled to meet in NZ this month.
The company incorporated in NZ last year in a shift from its previous short-term domicile in the UK haven of Jersey. Over the 2022 calendar year, the sprawling global FNZ business reported a pre-tax operating loss of about $565 million as the company continues to pursue ambitious growth plans.
Founded by Durham inside the Wellington office of First NZ Capital (now Jarden) in 2003, FNZ has an extraordinary 20-year history to celebrate.
From scratch in 2003 the company has grown to more than US$1.5 trillion in assets under administration held on behalf of 650 plus financial institutions and over 20 million end clients. Despite trimming its workforce last year, FNZ still boasts more than 5,000 employees housed across more than 30 global locations.