Veteran NZ Funds Management executive, David van Schaardenburg, has left the boutique investment and advice house for a new career at Australian-owned financial services shop, Findex.
After 22 years in various roles at NZ Funds, van Schaardenburg joined Findex NZ in August as senior partner wealth with a mandate to develop its “investment advice capabilities”, his LinkedIn page says.
Most recently, he was head of the NZ Funds private wealth arm, which includes about 15 advisers and $460 million under advice.
Prior to joining NZ Funds in 1997, van Schaardenburg was executive director at research house, FundSource, ultimately owning the company that was sold to the NZX in 2006 for more than $900,000. The NZX offloaded FundSource to Australian firm, Zenith Partners, this June for an estimated $325,000.
Findex, one of Australia’s largest privately-owned financial services businesses, entered the NZ market in 2015 after buying the Australasian assets of accountancy firm, Crowe Horwath.
It is understood the group may roll out its Australian-built investment platform in NZ next year. Nelson-based Susan Schuler heads the Findex NZ financial services division.
In other news last week, Forsyth Barr expanded its presence in Hawke’s Bay with the purchase of independent advisory firm, SP Investment Group.
Founded by Stuart Pearse more than four years ago, the SP Investment Group will move on November 1 just around the corner from its current premises into the Forsyth Barr Hastings digs in Karamu Rd.
Pearse said the decision to merge with Forsyth Barr was prompted by significant growth in the business and the need for more compliance resources under the imminent Financial Services Legislation Amendment Act (FSLAA) regime.
“We were getting to the size where we needed to take on a second financial adviser,” he said. “Also with the upcoming regulatory changes there will be much more compliance work over the next 12 to 18 months, which would require significant outsourcing costs.”
According to Pearse, he opted for Forsyth Barr after a thorough due diligence process.
“They have the compliance and research infrastructure to support my clients, allowing me to focus on portfolio management… my investment process won’t change,” he said. “I’ve had the support of all of my clients for the move.”
Richard Dwyer, Forsyth Barr director private client services, said with the addition of Pearse, the group now had six advisers across its Hastings and Napier offices.
“Across the country we have 130 advisers in 22 locations,” Dwyer said.
He said over the last six months Forsyth Barr has seen a notable uptick in enquiries from other advisers – particularly those based in banks – looking for new homes in the run-up to FSLAA.
Forsyth Barr would apply for a full Financial Advice Provider (FAP) licence once the FSLAA regulatory door opens, Dwyer said.