BlackRock is recruiting a head for the NZ business amid a change in the Australasian leadership structure.
In a move announced last week, Jason Collins, previously BlackRock deputy head Australasia, has been promoted to head of Australia with some responsibilities for the NZ business set to be on-shored.
According to a spokesperson, BlackRock is “in the process of hiring a senior person in NZ who will be an investor in climate infrastructure and head of the office”.
“The senior hire in NZ will have accountability to their investment function and the NZ executive board,” the spokesperson said.
BlackRock formed a NZ-domiciled company last November with Collins and ex head of Australasia, Andrew Landman, currently the sole directors.
Landman moved up to head the BlackRock business in the southern Asia-Pacific region this January as part of a global executive realignment at the US$10 trillion manager.
Collins will “remain involved” with the NZ business both as director and in “client connectivity”.
As underlying manager for both ASB and AMP, BlackRock is an influential player in the NZ KiwiSaver and investment markets. The group also has other wholesale mandates and a retail following (via Smartshares and offshore-listed iShares exchange-traded funds) here as well as a looming investment services agreement with the $33 billion ANZ – the largest non government-owned fund in NZ.
Last year BlackRock also revealed it would launch a world-first single-country focused climate fund in NZ, supported by the-then Labour government and projected to manage some $2 billion.
Landman said in a statement: “BlackRock’s strong local team has enabled us to deliver consistency of leadership for our clients throughout Australia and New Zealand which supports them in achieving positive investment outcomes for their respective member and client base over the long term.”
Meanwhile, Scientific Beta senior investment strategist, Mike Aked, has quit the quant-based manager to return to the Australian arm of UBS after a 20-year hiatus.
Aked has been a regular visitor to NZ recently as Scientific Beta – a 2012 offshoot of the France-originated EDHEC-Risk Institute – sought to build a clientbase on both sides of the Tasman: the Singapore stock exchange bought a majority stake in the manager in 2020, establishing the global headquarters in the island state.
He joined Scientific Beta when the investment manager and index provider launched in the Australasian market mid-2022. Previously, Aked spent more than nine years with another quant specialist, Research Affiliates (RAFI) – first as head of asset allocation in the US before serving as head of research Australia from mid-2018 to the end of 2021.
Prior to RAFI, Aked held a senior role at the University of Virginia Investment Management following a two-year stint as portfolio manager with the Queensland-based Sunsuper.
He started his career as a quantitative analyst for UBS Global Asset Management in Sydney in 1995, rising to head of asset allocation from 2000 to 2005.
Formally, Aked is now a senior investment manager in the Australian wealth management division of Credit Suisse, which entered the UBS global family following a contentious court-ordered takeover last year.
Also last week, the ASX-listed funds management and advice firm, Insignia Financial, named ex AMP Australia head, Scott Hartley, as chief executive.
Hartley, Sunsuper chief from 2014 to 2019, took over as head of the AMP Australia business in early 2021 during a fraught period for the ASX-listed firm. His position at AMP was disestablished last May while Hartley stayed on until November to manage the transition.
Insignia chief, Renato Moto, resigned last October after four years in the top role and 20 years with the company (formerly known as IOOF), setting a finish date for this month.
Insignia/IOOF has been one of the most acquisitive Australian financial services firms over the last two decades, snapping up multiple advisory and investment businesses, including the ANZ-owned OnePath superannuation unit and various advice licensees in 2020.