NZX Wealth Technologies has rearranged some senior executive duties and hired a new sales manager as the in-play investment platform seeks to boost market share.
Under the changes announced last week, Martin Cantell shifts from his previous chief product and sales officer job to the new title of chief functional architect while former senior functional consultant, Kelly Good, steps up as head of product.
Both Cantell and Good came to the NZX following long stints at the pioneering local investment platform Aegis, which has since been absorbed into MMC (now part of the global Apex Group).
Cantell will focus on the “long-term strategic functional development of the platform” and client consultation, according to a NZX statement, with Good responsible for practical implementation of design features.
Lee Banks remains as chief technology officer for the platform.
At the same time the NZX-owned division hired Jarrod McDonald as a business development manager. Most recently in a sales role for accounting software firm, Spotlight Reporting, McDonald previously held client service positions at a key NZX Wealth Technologies customer, Hobson Wealth.
Lisa Turnbull, NZX Wealth Technologies chief, said in the release: “These organisational changes will help us focus on improving our services further and meeting the growing and changing needs of our clients and New Zealand wealth advisers, while utilising the skills and experience of the Wealth Tech team and offering career growth opportunities.”
Meanwhile, as reported in November 2022 the NZX continues efforts to find a ‘strategic partner’ for the capital-intensive wealth management platform that has chewed up about $30 million since the group acquired the original technology service known as Apteryx in 2015 for $1.5 million.
In November last year the local stock exchange confirmed it was “considering whether there is a strategic partner for NZX Wealth Technologies that can enhance and accelerate the long-term growth prospects of that business”.
“The outcome of discussions, which are in their early stages and being held with a limited number of parties, is highly uncertain,” the NZX release noted.
Total funds under administration (FUA) on the NZX Wealth Technologies platform fell almost 10 per cent in December during a market downturn to end the year just under $10 billion.
But the NZX told investors in November that the Wealth Technologies FUA was on track to reach $40 billion by December 2024 “driven by a large contracted client being onboarded over FY23F and FY24F and other high & medium conviction prospects”.