Asset consulting and governance advisory firm, MyFiduciary, has recruited Joseph Kim as an investment analyst.
MyFiduciary principal, Chris Douglas, said the new hire would “work across the investment team, but primarily focus on fund research, quantitative analysis and client reporting”.
Kim comes to the Auckland-based consultancy firm from Saturn Advice where he served as investment analyst and investment operations manager for more than eight years.
In student days he was a member of the winning team in the NZ 2013 CFA Institute Research Challenge and a finalist the following year in the Asia-Pacific regional version of the competition that tests the financial analytical skills of contestants.
MyFiduciary sold a 25 per cent stake to the business arm of the Lake Taupō Forest Trust, Tupu Angitu, this August in a deal that also saw the consulting firm take full ownership of IWIinvestor, which provides investment advice and portfolio administration to a range of Māori entities.
About 60 per cent of the current 75 MyFiduciary clients are iwi-related. Overall, the group has approximately $3.5 billion in funds under advice including $2 billion with asset consulting clients and $1.5 billion in model portfolios designed for financial advisers.
Russell Investments has rejigged its Australasian leadership arrangements following the departure of Asia-Pacific head, Jodie Hampshire, with a familiar face returning to the role.
Under the changes revealed last week, Russell veteran, Pete Gunning, will reprise the APAC chief job he held for eight years while another long-time employee, Tim Furlan, has moved up to Australia and NZ managing director to assume some of Hampshire’s duties.
Gunning has spent 27 years at Russell in various roles, including a stint as global chief investment officer, but shifted from APAC head to a governance role as vice-chair in October 2021 – a position he will retain.
Prior to his promotion to lead Russell in Australia and NZ, the Sydney-based Furlan was most recently head of master trusts and superannuation for the multi-manager and investment consulting firm he has worked at for almost 20 years.
Another long-time Russell Australia employee, Bronwyn Yates, was also appointed as APAC head of go-to-market (GTM) strategy with client communication and strategic co-ordination responsibilities for the business in Australia, China, Japan, Korea and New Zealand.
In a statement, Furlan said: “More than ever our clients need solutions that create and protect wealth in an increasingly complex environment. We’re delivering new initiatives in response to client needs and have innovative products in the pipeline for now and into 2024.”
Hampshire re-joined Russell as head of institutional business in 2013 after a two-year turn as Mercer chief operating officer Pacific region, rising to the dual APAC chief and Australia/NZ managing director roles in 2021. Before Mercer she worked for Russell in the UK in various positions.
Russell reported more than US$290 billion funds under management as at the end of June this year and US$1 trillion plus assets under advice.
Elsewhere last week, ex Morningstar Australia and NZ chief, Jamie Wickham, has resurfaced as a senior investment adviser at niche private wealth firm, Minchin Moore, with responsibilities covering institutional and family office clients.
Wickham left Morningstar in May this year in the wake of a restructure at the research house that had seen several veteran senior executives depart including director of manager research Asia-Pacific, Tim Murphy, and global head of manager selection, Grant Kennaway. Morningstar Asia-Pacific director of manager research ratings, Aman Ramrakha, also exited earlier this month, ending a nine-year career with the business.
Minchin Moore manages A$2.8 billion for a client base of about 900.
Wickham was promoted to Morningstar Australia and NZ head in 2017 after first joining the researcher in 2006.
Also across the ditch last week, the Australian arm of US investment giant, PGIM, has seen a second senior exit with the sudden departure of its head of wealth, Benjamin Price.
It is understood Price was sent on gardening leave earlier this month. In August, Australasian funds distribution stalwart, Murray Brewer, left PGIM after just three months as head of the client group for the country.
Among other positions, Brewer was T Rowe Price Australia and NZ head of distribution for 14 years until 2020.
PGIM, the US$1.2 trillion funds management arm of insurance giant, Prudential Financial, has at least one institutional mandate in NZ with a global fixed income allocation from the Government Superannuation Fund.
Meanwhile, industry body, Financial Advice NZ, has opened up nominations for its 2024 award season with six category gongs up for grabs.
The 2024 Financial Advice New Zealand Awards include prizes for volunteer of the year, community impact, digital innovation, use of professional designations, financial literacy advocacy, and lifetime achievement.
Outgoing Financial Advice NZ chief, Katrina Shanks, said in a release that the awards “celebrate those amongst us who have excelled and had a positive impact in the sector and for New Zealanders”.
“We are looking for examples of innovation and leadership that have moved our industry forward.” Shanks said.
Further information and nomination forms are available here with the winners to be revealed at the Financial Advice NZ national conference set down for March 5 next year in Wellington.