Makao Investments has hired a new consultant to join co-founders Noah Schiltknecht and John Horrell in the fast-growing business.
The Rotorua-based Luke Longdill moves from a role as quality advice associate with Craigs Investment Partners to take up the new consultancy gig for Makao.
Prior to his six-year stint at Craigs, Longdill, a CFA charterholder, spent four years at Southern Cross Health, rising from insurance analyst to corporate pricing manager over that period.
He will remain in Rotorua but work closely with the Auckland-domiciled Schiltknecht and Horrell – both former Russell Investments NZ colleagues – across a range of projects and clients as well as contributing to asset allocation and manager selection research.
In a statement, Horrell said: “We have grown the business substantially across financial advisory firms, foundations and other institutional clients. We also launched our ESG reporting with Matter successfully. It is great to have Luke join the business.
“A third Consultant in the business will allow us to continue on our path of widening our services and client base while maintaining our rigour in research and quality of delivery.”
Founded in 2019, Makao now has 18 ongoing clients across a diverse range of businesses. In 2020 the ex AMP financial adviser network, Wealthpoint, named Makao as its independent investment adviser in a marquee win for the consultancy start-up.
Meanwhile across the ditch, the Zurich-headquartered alternatives shop, GAM Investments, has named Eric Finnell as managing director Australia.
Finnell, who officially takes up the job later in November, will be responsible for growing the GAM institutional and wholesale business in both Australia and NZ.
He has spent about five years as head of institutional for Australian multi-affiliate outfit, Bennelong Funds Management, following a 12-year career with US firm, Fisher Investments.
After joining Fisher in the US as an investment counsellor, Finnell moved to Sydney in 2013 to represent the manager to Australian and NZ clients (notably, Booster).
He replaces Alex Zaika who left GAM in September to assume the role as head of ETF specialist, Global X in Australia.
GAM has a long-established presence in Australia where Finnell will work alongside client directors, Daniel Sharp and Alexandra Williamson. He reports to Rossen Djounov, GAM global head of client solutions.
According to a release, new GAM products including “an evergreen late-stage private equity fund managed by Liberty Street Associates” and an Avenue Capital Group sports fund are “receiving strong client interest” from Australasian investors.
Last week the Switzerland-listed investment firm also confirmed the sale of its back-office services division, including registry (known as transfer agency) in Ireland, Luxembourg and the UK to Apex Group.
According to a release: “The transfer and sale of GAM Fund Management Ltd, Dublin, including its in-house transfer agency, to Apex Group is now complete (effective 31 October 2024).
“GAM is also on schedule to transfer management company services for its funds in Luxembourg and the UK to Apex Group subsidiaries. This marks a significant step in GAM’s strategy to streamline its operations and focus on its core investment management capabilities for clients.”
Back in NZ, ASB continues its search to fill the newly established position of chief investment officer.
The $20 billion plus bank-owned fund manager is looking for a CIO to carry out a number of duties including to work with product and distribution divisions as well as external adviser (and underlying manager for some asset classes), BlackRock, “to develop and implement investment strategies for ASB funds”.
Among other responsibilities, the CIO will have to manage “effective delivery of investment administration and custody services”.