Specialist consulting firm, Mosaic Financial Services Infrastructure, has named Jigs Jamnadas in the newly created position of chief operating officer (COO).
Previously COO of another Auckland technology-focused consulting firm, Red Moki, Jamnadas will bring extra operational nous to Mosaic after a period of rapid growth in the business, according to founding partner, Myles Allan.
Over the last year or so the Mosaic team of consultants and project delivery specialists has about doubled to reach almost 70, Allan said, as the local financial services industry faces rising regulatory and technological challenges in an environment that increasingly demands a tight focus on customer needs and cost efficiencies.
“Businesses across the NZ financial services market are having to respond urgently to regulation, changing technology, client dynamics and product development trends. Mosaic has assembled a leading group of experts who understand the local market to service that need,” he said. “But now our own business has reached such a scale that we need someone to ensure it continues to operate cohesively – a talent Jigs has proven in his previous roles.”
Prior to his COO stint at Red Moki he served in the same role at another consultancy firm focused on business outcomes, Xelocity.
Founded by Allan in 2010, Mosaic grew to a pool of nine consultants by 2017, reaching 30 as of last March before the latest growth spurt.
Meanwhile, government-owned Public Trust has restocked its corporate trustee ranks following the departure of former head of the unit, Ireen Muir, this August.
As reported in June, Muir resigned from Public Trust to take up the position of schemes manager at Annuitas, the Wellington-based organisation responsible for running the Government Superannuation Fund and the National Provident Fund.
In a note to clients, Public Trust said in the wake of her exit: “We have taken the chance to rethink how we best service our clients and their members. This has resulted in a restructure and a revised operating model.”
Under the new approach, Elena Vinton will move up from senior manager to head of clients services in Auckland.
“Elena has been a core part of the [corporate trustee services] team in Auckland for over six years, working with a number of our largest clients,” the notes says. “Having this role in Auckland will provide Elena the opportunity to be closer to all of our Auckland-based clients and team members.”
And next month, Garry Hughes moves across from Guardian Trust, where he was senior relationship manager, to assume the head of client services job for Public Trust in Wellington.
A 21-year veteran in the corporate trustee business, Hughes begins at Public Trust on November 15.
Public Trust has also hired Mike Knowles in a permanent position as senior manager technical. Formerly working in a contracted advisory role with Public Trust, Knowles will “support the wider leadership team and deal with new and/or complex business or regulatory issues as they arise”.
“These new leadership changes reflect how our business is evolving to better service the needs of our clients and their members, and the increasing expectations of the FMA as it relates to our industry,” the note says.
In Australia last week, AMP continued preparations for the looming spin-off of the ASX-listed group’s private markets business by appointing former Suncorp chief, Patrick Snowball, as chair designate of the yet-to-be-created entity.
Snowball is currently based in London as chair of non-bank lender Provident Financial. Ex Deutsche Asset Management Australia head, Andrew Fay, will join Snowball on the new AMP Capital entity board as deputy chair.
In a release, Debra Hazelton, AMP chair, said the pair would “bring deep experience, market knowledge and integrity to the board of private markets when it lists next year”.
“Both have led significant financial institutions and have the experience of bringing businesses to a share market listing,” Hazelton said.
“These appointments mark another important step as we prepare for the separation and demerger of private markets, with Patrick and Andy getting involved to support [AMP Capital CEO] Shawn Johnson and [non-executive director] Michael Sammells to shape the strategy, governance and culture for the stand-alone company.”
AMP revealed plans to split up its funds management arm, AMP Capital, this April after a deal to sell the private markets business collapsed. Under the revised strategy, AMP will list the private markets unit on the ASX next year while it hived off the AMP Capital listed shares and bonds business to Macquarie in a deal set to close in the first half of 2022.
The AMP share price bounced off its sub A$0.9 low in September, closing at about A$1.13 last week.
