Morningstar Australia has lost another key fund research executive following the departure of Annika Bradley last week.
Bradley served as Morningstar manager research ratings Asia-Pacific since July 2021 with responsibilities covering the NZ and Australian fund markets.
She joins mega Australian industry superannuation fund, UniSuper, in the newly created role of senior manager, investment specialist for policy and advice.
Prior to Morningstar, Bradley held several senior investment jobs for various Brisbane-based organisations including (briefly) the A$100 billion plus Queensland government sovereign fund, QIC, and QSuper.
During her tenure at Morningstar, the research house has seen significant changes with a recent restructure folding the funds unit into the investment team.
Tim Murphy, Bradley’s predecessor, left Morningstar the end of December 2022 followed by the exits of Australia chief, Jamie Wickham, global head of manager selection, Grant Kennaway, and Asia-Pacific director of manager research ratings, Aman Ramrakha.
Bradley officially moves to UniSuper at the end of March.
“In the interim, Tim Wong and Michael Malseed will be responsible for manager research and ratings on Australian and New Zealand fund managers as we grow our manager research client base,” Morningstar told clients.
Elsewhere, SBS Wealth has emerged as a refuge for former Kiwi Wealth employees with three more joining the financial services arm of the Southland-headquartered bank this year.
Last week, Dennis Edel, former Kiwi Wealth head of advice, joined the SBS unit as chief client officer, following ex colleagues Matt Beach and Richard Phillips.
Beach and Phillips – respectively, head of client success and, head of marketing at Kiwi Wealth – come to SBS in similar roles – officially, head of client care, and head of growth.
The trio also reunite with ex Kiwi Wealth chief customer officer, Morne Redgard, who replaced long-time Funds Administration New Zealand (FANZ) chief, Graham Duston, in the middle of last year. FANZ houses the recently rebranded SBS Wealth division including the Lifestages investment and KiwiSaver schemes
SBS Wealth also includes incumbent staff Martin Pike as head of investments, Derek Young as chief operating officer, and Yogesh Mody as head of compliance.
Redgard told clients last month the Lifestages name was set to be replaced by SBS Wealth: “After thoughtful consideration, we have decided to more closely align us with our parent, SBS Bank. Over the coming months you’ll notice a transition to SBS Wealth as our primary branding identity.”
The group has more than $1.5 billion under management including $500 million or so in its KiwiSaver scheme.
Meanwhile, the NZ Superannuation Fund (NZS) may have a few board spots to fill soon following the resignation of chair, Catherine Drayton, last week.
Drayton spent almost three years as chair, after replacing Catherine Savage in April 2021, and just over five years all told on the NZS Guardians board.
She was named a director of IAG NZ last year while also holding board spots with Genesis Energy, Christchurch International Airport, Samco Holdings, Frodoco Holdings, Southern Cross Healthcare, Connexa and Mint Innovation – the last two as chair.
NZS board members generally serve a maximum of five years per term but can be reappointed.
Currently, three of the now five-person board have been on the board for more than five years including new chair, John Williamson, who first joined in 2016 with his current term set to expire in September next year.
Another 2016 vintage board member, Doug Pearce, was due to end his second term last September while Hank Berkman, is now in his sixth year with the Guardians.
David McClatchy started his first five-year stint on the NZS board in October 2021 and newest member, Fiona Oliver, joined last March (with an end date set for September 2027).
The now $70 billion plus sovereign wealth fund is also yet to name a permanent replacement for chief executive, Matt Whineray, who finished up in December last year.
Paula Steed, general manager finance and investment operations, has been acting NZS chief in the interim.
Last week NZS general manager portfolio completion, George Crosby, also formally left to take up his new role as chief investment officer for the ANZ funds management business.
In global news, the veteran Vanguard chief, Tim Buckley, is to retire after 33 years with the now US$9 trillion passive investment pioneer.
Buckley arrived at Vanguard in 1991 as the research assistant for the founder and patron saint of index investing, John Bogle, before working through the ranks to chief investment officer then CEO in 2018. He was also named chair the following year.
In a statement, Vanguard says it has begun a “comprehensive CEO selection process” to replace Buckley, who officially steps down at the end of this year.
At the same time, Greg Davis, Vanguard chief investment officer, has taken on an “expanded role” as president.
“… Davis will be responsible for all aspects of the firm’s investment management, retirement business, and services for financial advisor clients, overseeing the majority of Vanguard’s fund and ETF distribution,” the release says.
Under Buckley, Vanguard has seen assets under management grow by more than 80 per cent while increasing the “client base by tens of millions to more than 50 million investors globally”.
Former AMP chief, Franceso de Ferrari, has left his latest job as senior adviser to UBS global wealth management chief, Iqbal Khan. The move comes a year after de Ferrari was absorbed by UBS as part of the bank’s shotgun marriage with Swiss rival, Credit Suisse. Previously, de Ferrari was Credit Suisse head of wealth management – a role he picked up in 2022 following a tumultuous three-year period leading AMP.
He joined AMP in 2018 just as the iconic Australasian financial services business began to disintegrate. Beset by scandals and failed takeover talks, de Ferrari ultimately oversaw the sale of the group’s life insurance and funds management units.
Prior to AMP he spent 16 years with Credit Suisse in various senior executive roles across Europe and Asia.