NZX Wealth Technologies has completed the transition of another small advisory firm as a custodial client.
As flagged in the latest NZX annual report, the investment platform signed up the Auckland-based Multiply among a bevy of other new financial advice clients.
Last week, the NZX confirmed Christchurch advisory business, Total Wealth, as its latest new arrival following a string of client wins last year.
In a statement, Multiply managing director, Thomas Salmen, said the technological upgrade was necessary to better-serve the firm’s clientbase “many of whom are young and tech-savvy, seek a modern and digital investment experience”.
“Leveraging modern technology means we can offer an easy and sleek onboarding experience for new investors,” Salmen said. “NZXWT’s investor portal brings a transparent, holistic and clear view of holdings, performance metrics and tax reporting.”
The NZX-owned platform now boasts 23 clients with almost $12 billion in funds under administration.
Meanwhile, Financial Markets Authority (FMA) has a couple of governance vacancies to fill following the recent exit of Vanessa Stoddart and imminent departure of chair, Mark Todd.
Stoddart finished her stint on the regulatory board in February after almost eight years while Todd is due to end his term this May.
Todd has served on the FMA board since 2015 and chair for the last five years, is due to end his term this May.
Elevation Capital founder, Christopher Swasbrook, is also slated to finish a five-year run on the FMA board in June.
The regulator has been handed more responsibilities in recent years including financial advisory sector licensing, climate-reporting and financial institution conduct oversight – the latter due to amended by the new National-led government.
Last year, the FMA also introduced the new concept of ‘outcomes-focused’ regulation with a consultation on the proposed approach closing earlier this month.
“While this [outcomes-focused approach] has already started a fundamental shift and rethinking of how the FMA operates, it is a long-term, evolving project that will require greater engagement and mutual understanding between the FMA and industry to be successfully implemented,” the regulator says in the latest ‘briefing to the incoming minister’.
Meanwhile, both the Government Superannuation Fund and the National Provident Fund are understood to be on the hunt for new directors as a couple of long-time members prepare to step down.
The two government pension funds are managed by Annuitas, which has a separate board – albeit with some common directors.
Elsewhere, the Boston-headquartered funds management pioneer, MFS, has named Alison O’Neill as chief investment officer as of January next year.
O’Neill, a 20-year veteran at the firm, will replace Edward Maloney, who is set to take over as MFS chief at the same time from incumbent, Michael Roberge.
Roberge has headed MFS since 2017 and – like Maloney – previously served as chief investment officer for the now centurion funds manager.
MFS is well-known in the NZ market as an underlying global equities manager for ANZ Investments. Clarity Funds Management also offers a badged portfolio investment entity version of a MFS international shares strategy with assets under management of about $180 million.