Milford Asset Management chief, Mark Ryland, will continue in the role after ripping up retirement plans announced in February.
In a recent note to clients, Milford says Ryland has agreed to stay in the top job past his previously scheduled March 2024 exit date.
“The confirmation allows for a steady, focused continuation of our strategy with a proven, successful Chief Executive,” the Milford note says.
Ryland tabled his resignation this February with an unusually long 12-month notice period that would’ve have seen him serve out 10 years at Milford including five years as CEO.
Since he took charge of the boutique firm late in 2018 from outgoing chief, Troy Swann, Milford funds under management have almost tripled from $6 billion to about $17 billion at the latest count.
Prior to joining Milford as head of risk and compliance in 2014, Ryland was managing director of the now-defunct Brook Asset Management. He also held several senior financial services industry roles beforehand including as head of the-then ASB bank-owned investment platform, Aegis (now part of the Apex NZ group).
The surprise reverse-resignation may disappoint recruitment agencies but the move has ensured “greater continuity for the firm”, the Milford release says.
Milford has also seen a board change this year after chair, Gavin Walker, resigned in April less than 18 months into the governance role.
Walker has a distinguished history in the Australasian financial services industry in both executive roles – heading Bankers Trust in both NZ and Australia, for example – and in governance positions such as chairing ASB and the NZ Superannuation Fund at various times.
Former SBS chair, John Ward, replaced Walker on the Milford board last month.
The Milford machine, meanwhile, cranks on after a slight blip in growth last year during a market downturn that caught out most managers.
In the KiwiSaver sector, for instance, the Milford lies just $140 million or so short of ousting AMP as the fifth-largest provider, according to Plan for Life figures. The Milford KiwiSaver reported more than $5.65 billion at the end of March, gaining on the almost $5.8 billion AMP scheme.