Pie Funds Management has reclassified portfolio manager, Mike Ross, as an ‘investment research consultant’, following his shift to Sydney.
Paul Gregory, Pie head of investments, said the title redo was in deference to Australian regulations that may have captured Ross under local rules as a portfolio manager.
Ross would continue with his usual Pie duties (most notably with the $140 million plus Australasian Dividend Fund) from Sydney, Gregory said.
He said Ross recently returned from Auckland to his native Australia for personal reasons. Pie has operations both in Auckland and Hawke’s Bay as well as outposts in London and now Sydney.
The boutique, which has over $1 billion in funds under management, shuttered its $30 million Multi Strategy Fund late in November with the wind down expected to complete this week.
Meanwhile, Mercer has hired Ruby Yadav as its new chief risk and compliance officer Pacific to replace Michelle Mott.
Mott took on a similar role with the Commonwealth Bank of Australia in September to look after its restructured wealth management and advice arms, CFS and Newco.
Yadav comes to Mercer from the $60 billion UniSuper – one of Australia’s large superannuation funds.
Mercer Pacific chief, Ben Walsh, said in a release that she had “a strong track-record in risk management with a focus on accountability and efficiency”.
“Risk and Compliance are critical business functions that we’ve invested in heavily over the years, and while it has always been a top priority, with the changing regulatory environment particularly for superannuation funds, it is more important than ever,” Walsh said. “Sound governance, a proactive approach to risk management and strong relationships with our regulators are among our bedrocks at Mercer.”
Yadav formally begins at the Mercer Melbourne office next February.
Also last week, BNZ appointed former Mint Asset Management chief investment officer, Paul Richardson, to a governance role with its funds management and KiwiSaver arm.
Richardson shares the BNZ Investment Services board table with, among others, ex ANZ Investments chief investment officer, Graham Ansell.
In a release Peter Forster, BNZ general manager wealth, said:
“With the appointment of Paul, on the back of Graham Ansell joining the board earlier this year, we have extremely strong and capable, independent voices at the table.
“We believe that this independence will help the board continue its strong advocacy on behalf of the customer at the governance level.”
BNZ has over $5 billion under management across its fast-growing KiwiSaver schemes (now in excess of $2 billion), unit trusts, private wealth investments and newer ‘mass affluent’ product range, YouWealth.
After a series of management revamps, Forster assumed the BNZ head of wealth role in August. Previously, he was BNZ head of product after arriving in NZ from parent bank National Australia Bank last September.
Another governance change last week saw online fund platform Sharesies lose independent director, Lisa Stewart. Stewart, acting head of audience at TradeMe, was appointed as Sharesies director in November 2018.
The direct-to-consumer fund platform and discount sharebroker also recently added the Pie Climate Friendly and Australian Dividend funds to its growing product list.