Milford Asset Management former managing director, Anthony Quirk, has stepped into the chair role for the company following the surprise exit of Gavin Walker from the board.
Walker, who previously served a long stint as chair of the NZ Superannuation Fund (NZS), joined the now $17 billion Milford as independent chair at the end of 2021.
In a statement supplied to BusinessDesk, a Milford spokesperson said Walker resigned to “spend more time on his personal affairs”.
Former SBS chair, John Ward, is slated to join the fund manager’s board next month, BusinessDesk reported.
Quirk served as managing director of Milford from 2007 when it morphed into a retail fund manager until 2016, remaining on the board and a significant shareholder (currently holding just over 7 per cent). He also chairs the group’s charitable venture, the Milford Foundation, formed in 2020.
Current Milford chief, Mark Ryland, will leave the firm next March after giving a 12-month notice period last month.
Meanwhile, another NZ funds management chief, Hugh Stevens, completed his five-year shift helming the NZX-owned Smartshares at the end of March.
Stevens quit this January with NZX chief financial officer, Graham Law, taking over as interim Smartshares head this month.
Smartshares reported more than $10.3 billion under management as at the end of March with the figures including the recently acquired $1.6 billion held in the QuayStreet funds. Craigs Investment Partners sold QuayStreet to the NZX for $31 million in a deal cemented this February.
Last week the NZS named local funds industry veteran, Fiona Oliver, to the Board of Guardians.
NZS chair, Catherine Drayton, said in a release: “Fiona brings extensive experience to the Guardians’ governance team along with a strong understanding of global financial influences.”
Oliver had a long career in the NZ financial services sector including senior roles at AMP and as chief operating officer of the Westpac-owned BT Funds Management NZ from 2006 to 2009.
She returned to AMP as general manager from 2011 to 2014 before embarking moving governance. Oliver is currently an independent director on the boards of Wynard Group, First Gas, Freightways, Summerset Group and NZ Water Polo.
With her appointment, the NZS board now stands at seven with Doug Pearce also confirmed last week for a second term due to expire at the end of September next year. Pearce joined the Guardians in 2016.
Across the Tasman last week, Mercer added two new members to its Pacific Leadership team after formally absorbing the BT Super and Advance Asset Management businesses acquired from Westpac last year.
Corrin Collocott comes across from the BT Super reprise his chief investment officer (CIO) role at the new A$63 billion Mercer Super entity. Collocott will also assume the deputy CIO title for the broader Mercer Pacific business with responsibilities for the group’s diversified funds.
Andrew Wallace also journeys across from BT Super to Mercer to lead the firm’s personal super and member experience division.
Wallace held similar duties at BT Super for the previous two years following a seven-year stint at Perpetual.
About 350 BT superannuation and investment staff will also now fall under the Mercer entity.
Mercer picked up the almost A$40 billion BT Super for free last year while buying the associated Westpac-owned multi-manager business, Advance Asset Management, which reported about A$44 billion under management at the time.
In a similar, but much smaller, arrangement, Mercer NZ took on the former Macquarie Asset Management NZ (ex AMP Capital) retail funds last month, adding about $2.6 billion and 10 or so staff to the business.