Milford Asset Management has reformed its share register with a swathe of staff equity-holders including CEO, Troy Swann, swept under a new entity, Mitre Peak Nominee 1.
Following the changes implemented on October 2 over 15 staff share parcels representing about 18 per cent of Milford equity were transferred to Mitre Peak.
Michelle Corse-Scott, Milford head of risk and compliance, said the new ownership structure was designed to simplify the management of staff shareholdings in a process that had become increasingly unwieldy at the rapidly-growing firm.
Corse-Scott, also general counsel, joined Milford this February from her former role as head of treasury, payments and contracts at Westpac NZ.
“We now have 77 employees which has given us more to manage through the share register,” Corse-Scott said. The firm keeps an internal list of staff holdings as well as the formal Companies Office registry.
“Essentially, it’s been a cottage industry [aligning the registries],” she said. “We’re encouraging staff to hold shares in the new nominee company.”
However, over 40 share allocations remain on the Companies Office list including founders Brian Gaynor (who owns just under 23 per cent) and former managing director, Anthony Quirk (a little over 9 per cent).
Quirk resigned as Milford managing director last year with Swann assuming the CEO role in October 2016.
Along with its expanding head count Milford has experienced stellar growth in funds under management this year, recently breaking through the $5 billion mark.
As at March this year, Australian researcher Strategic Insight reported Milford retail funds under management of just under $4 billion.