First State Investments (FSI) head of NZ institutional business, Helen McKenzie, is to leave the firm following a re-boot of its popular global listed infrastructure fund.
FSI, a subsidiary of the soon-to-be-listed Colonial First State Global Asset Management (CFSGAM), told clients last week McKenzie would stay on for a few weeks to transition the $210 million global listed infrastructure product to a new fund-hosting arrangement.
While FSI launched the Global Listed Infrastructure Fund as a portfolio investment entity (PIE) in 2013, it is understood the new structure – to be managed by Wellington-based Implemented Investment Solutions (IIS) – offers some efficiencies for NZ investors.
The FSI deal marks the fifth fund-hosting client for IIS, which now offers PIEs for the Australian property fund APN, Russell Investments, the NZ-domiciled Hunter global fixed income product and the recently-launched Legg Mason Brandy Global Opportunistic Fixed Income Fund.
Last week the Commonwealth Bank of Australia (CBA) confirmed it would list its funds management subsidiary, CFSGAM, on the ASX later this year.
CFSGAM is the underlying investment manager for the approximately $13.5 billion funds offered by CBA NZ subsidiary, ASB, including its roughly $8.5 billion KiwiSaver scheme.
In a statement to the ASX, CBA said the decision to list CFSGAM came after a review announced last September.
“… we examined long-term Commonwealth Bank shareholder value and also consider the ability of CFSGAM to serve the interests of clients, attract and retain key personnel and better grow its business,” the CBA statement says.
CFSGAM manages about A$219 billion globally.
Current CFSGAM chief, Mark Lazenberger, would remain in the role post IPO, the statement says, while naming John Mulcahy, Susan Doyle, James Millar, Gail Pemberton and Richard Wastcoat as potential inaugural board members.
McKenzie, who joined FSI NZ in 2015, was head of distribution for Tyndall (now Nikko Asset Management) from 1998 to 2013. She also serves on a number superannuation scheme boards as a licensed independent trustee.