Melville Jessup Weaver (MJW) has appointed Steve Grant, head of the consultancy firm’s superannuation administration division, as principal effective April 1.
Grant, who joined MJW in 2000, has overseen a tripling in the company’s administration client base since the end of 2014 from about seven to its current roster of 22.
“Over the last 18 months [admin clients] have grown from 12 to 22,” he said.
Grant said the expansion of the MJW admin business coincided with the introduction of the Financial Markets Conduct Act (FMC) that saw many super funds restructure, merge or close to comply with the new law.
“The need for good, cost-effective and sensible out-sourced administration of restricted superannuation schemes is stronger now than ever before given the compliance regime of the FMC,” he said.
As well as ensuring a smooth FMC transition for MJW’s existing client base, Grant said the firm doubled its adminstration staff over the period to cope with the new influx of clients.
“We place great importance in providing trustees with tailored administration services that are accurate, timely, efficient and cost-effective,” Grant said. “The characteristics of the MJW-model for administration of superannuation schemes make us an attractive option for trustees thinking about changing their current administration arrangements.”
He said his appointment as principal reflected the growing significance of administration in the MJW service proposition.
“MJW is well placed to continue to grow the client administration side of the business. I look forward to joining the six other principals in these exciting times,” Grant said.
Ben Trollip, MJW senior investment consultant, was also recently named as principal at the Auckland-based firm. Trollip joined MJW last September from the Sydney office of affiliate firm, Willis Towers Watson, replacing the retiring Mark Weaver, the last of the three founding principals to exit the business.
Meanwhile last week, Nikko Asset Management NZ confirmed James Rogers in a newly-created permanent operational role.
Rogers, who had been on-contract with Nikko for several months, will now take on the mantle as head of product and operations.
He will be responsible for Nikko’s operational and client services team including oversight of new product development.
Rogers 18-year financial services career spans stints with JP Morgan, Morgan Stanley and State Street.
Nikko NZ managing director, George Carter, said Rogers’ experience and knowledge would bolster the fund manager’s product capabilities.
“James has been working on project initiatives for us over the last couple of months and we are delighted to be able to offer him a permanent role where we can continue to benefit from his skills and leadership,” Carter said.