MMC has hired Jacky Hollingsworth as its inaugural chief financial officer (CFO).
Due to start at the Auckland-based investment administration firm in October, Hollingsworth is currently CFO for Auckland Tourism, Events & Economic Development.
Previously, she has held a number of senior financial roles including general manager finance for Vocus NZ and CFO at McDonald’s Restaurants NZ.
Hollingsworth has also “had experience with technology start-ups and SMEs”, according to a MMC release.
Vedran Babic, MMC chief, said in the statement that “her commercial focus and data driven approach will be a great addition to our business”.
“To have a CFO come to us with not just a strong accounting and finance background but also with outstanding technology literacy and systems implementation experience is a fantastic asset,” Babic said. “This role has historically been covered by Rob [Moss] and Tom [Reiher]. With the growth in our business and recent changes made at the MD and CEO level, adding a CFO augments our strong foundation for the future. Jacky will also be joined by an additional resource to support her wider CFO mandate.”
MMC now houses over 135 employees following the purchase of the investment administration platform Aegis from ASB last year. Including Aegis, MMC has about $80 billion in assets under administration on behalf of more than 100 clients across funds management, financial advisers and other product providers.
Hollingsworth said in the release: “The MMC team have a great culture and joining them in this newly created role is a fantastic opportunity. I look forward to utilising my skills and experience in developing and deploying reporting systems and processes, business planning and supporting the business with delivering key analytical and financial insights.”
She will be part of the MMC executive team that includes: Chris Watson (chief operating officer); Craig Richardson (chief information officer); Leigh Ryland (chief risk officer); and, Nicola Tait (chief relationship officer).
Westpac NZ national manager wealth advisory head, Glen Macann, has departed after less than three months in the newly created role.
Macann joined Westpac late this May from Kiwi Wealth where he served as head of advice for just over a year. At Westpac he managed a team of about 20 senior advisers and reported to the bank’s head of private wealth, Katie Christoffersen.
Prior to Kiwi Wealth Macann spent about a month as head of the Pie Funds-owned Juno KiwiSaver scheme.
Before his ephemeral stint at Juno, he ran the advice arm of the $80 billion Queensland government employee super fund, Qsuper for a couple of years after a longer run in a similar role for the Shadforth Financial Group (part of the ASX-listed IOOF), based in Brisbane.
It is understood that Macann, originally from NZ, is returning to Australia for personal reasons.
Meanwhile, Edward Russell, who headed the NZ arm of the now-defunct Australian Sargon group, has resigned as director.
Russell, along with the three other directors of the embattled business, was required to stay on the Sargon NZ board until July 31 under the terms of an agreement with the Financial Markets Authority.
Sargon Australia collapsed earlier this year under the weight of complex debt arrangements, leaving the NZ business – previously known as Heritage Trustees – in strife. Heritage could lose its licensed supervisor licence following its parental troubles.
In a fractious break-up that has seen various spin-off legal disputes (including an action launched last week by ASX-listed OneVue against a Chinese debt-holder in the firm), parts of Sargon fell into the hands of two former directors of the business.
Pacific Investment Partners (PIP), fronted by US-based private equity players Teddy Wasserman and Matthew Kibble, paid about A$30 million for the rump Sargon business including the NZ arm.
In June, PIP rebranded Sargon as Certes, appointing Marcus Price as chief. While PIP is the ultimate holding company, Sargon NZ is owned by intermediary entity Certes Heritage (previously Sargon Heritage).
Australian Darran Goodger along with NZ-based directors Mel Hewitson and Harold Titter remain on the Sargon NZ board. Hewitson also joined the Fidelity Life board last week.
Meanwhile, AMP Capital Australia has named Kylie O’Connor to replace Carmel Hourigan as head of real estate.
Hourigan left the $200 billion plus investment house late in July in a move that coincided with a major reshuffle in AMP Capital top ranks.
O’Connor was previously chief operating officer of the AMP Capital property business, a role that has been picked up by Luke Briscoe.
AMP Capital is set to reveal its new strategy this Thursday as the wider ASX-listed group announces half-year results. In what proved to be a controversial appointment, Boe Pahari took over from Adam Tindall as AMP Capital chief in July.