Mercer NZ head of consulting, David Scobie, is set to end an almost 20-year stint with the firm, returning to Treasury for a career sequel.
Scobie will leave Mercer at the end of March to assume the new role of principal advisor on the Treasury capital markets division.
In a note to clients, he said the capital markets unit is “a relatively new team which takes a broad look at the Crown’s balance sheet, funding options, risk management, market access etc”.
Previously headed by Andrew Hagan, the capital markets directorate “incorporates the functions of debt management, export credit, corporate treasury services and financial institutions”, according to a Treasury release in 2019. Hagan left the Treasury role this January with Chris Chapman filling the role in an interim capacity.
The Treasury capital markets advisory committee, which governs the directorate, features a mix of internal and independent members including Martin Jones, Debbie Birch, Linda Robertson, Michael Allen, Phillip Anderson and Leilani Frew.
Before joining Mercer in 2003, Scobie spent almost four years as a commercial investments senior analyst at Treasury following six years managing foreign reserves for the NZ central bank.
“Time for something a little different, a little the same,” he says in the note. “… Not entirely a new environment given I spent time at Treasury and the RBNZ earlier on in my career.”
But the Wellington-originated Scobie will remain in Auckland post his Mercer exit in a Treasury “satellite office”.
“My tenure at Mercer reflects the calibre of the people I have worked with, and what a great opportunity it has been to advise some of NZ’s most prominent, and less prominent, investment funds,” he says. “I have high ambitions of channelling that experience and the connections I have made into my next role.”
It is understood Mercer will look to recruit a new consultant while redistributing some of Scobie’s duties among existing team members including head of wealth, Adam McKenzie.
In an unrelated move, Rhys Weyburne, Mercer head of sales, also relocated to the Auckland office.