Trustees Executors (TE) head of registry, Leah Pearless, has left the business after a more than 11-year career with the Wellington-based firm.
Pearless, who joined TE as registry operations manager in 2008, had been in her current role since June 2017. Previously, she spent three years at BNP Paribas in Wellington as service delivery manager.
It is understood TE has restructured several positions as it prepares to roll-out a blockchain-based registry system in NZ.
Meanwhile, rival investment back-office firm, the government-owned Public Trust, named a TE alumni Andrew Hughes as head of corporate trustee services to replace John Ross.
Ross spent almost three years in the Public Trust job after a long career in institutional banking, mostly at ANZ.
Hughes returns to NZ following a 15-year stint in Japan as Capital Services Group (CSG) chief operating officer. CSG manages “investment portfolios for some of the world’s largest financial organisations and trustees”, a Public Trust release says.
Before shifting to Japan Hughes was TE head of corporate services and, prior to that, chief financial officer for the Wellington-headquartered group.
In a statement, Glenys Talivai, appointed as Public Trust chief this January, said Hughes was a “perfect addition” to the corporate trust team.
“The industry places high expectations on corporate trustees. Overseeing and protecting the investments of New Zealanders is something we take very seriously,” Talivai said.
Like all investment supervisor and administration firms, Public Trust has had to shell out for technology upgrades in recent years, spending more than $26 million on the politically-contentious NavOne custody system.
Public Trust hired former JP Morgan NZ chief, Mark Lawrence, as head of custody in May. Lawrence, who was consulting to Public Trust after departing JP Morgan last year, said in May that his new permanent role “comes with a clear mandate to grow the business – something that is affirmed by the large investment into NavOne”.
The NavOne roll-out was completed in July at Public Trust, about six years after the project began.
In other appointments last week, the Financial Markets Authority (FMA) named Sue Chetwin and Michael Stiassny as its latest board recruits.
Chetwin is head of Consumer NZ while the high-profile corporate figure, Stiassny, holds a number of board roles including chair at Whai Rawa and Tower.
The pair join FMA chair, Mark Todd, and fellow directors: Ainsley McLaren of Harbour Asset Management; Chris Swasbrook, Elevation Capital founder; legal specialist, Elizabeth Longworth; economist Prasanna Gai; professional director, Vanessa Stoddart; and, Craigs Investment Partners adviser, William Stevens.
FMA directors are appointed for three-year terms.