The $340 million Trust Waikato is searching for a new CEO following the resignation of incumbent Bev Gatenby.
Gatenby, who will officially exit at the end of April, said the search for her successor would begin in earnest shortly.
“The position as just about to be advertised widely,” she said.
In a statement published last year, Gatenby said her decade heading the third-largest of New Zealand’s dozen community trusts centred on building a solid investment strategy and developing closer links with local groups.
During her tenure Trust Waikato funds under management grew from $227 million in 2006 to about $340 million as at the end of last year. The period included a post-GFC portfolio reshuffle that saw the National Australia Bank-owned firm, JANA, replacing Russell as investment adviser in 2009.
The current list of underlying managers include Generation and Schroder (with mandates of about $37 million and $52 million, respectively) in global equities. According to the 2014/15 Trust Waikato annual report, ANZ and Milford split the $42 million Australasian shares portfolio equally.
However, Trust Waikato had since replaced Milford with Devon Funds Management, Gatenby said.
ANZ also manages local fixed income and cash (about $15 million each) while PIMCO and Wellington share duties on the approximately $50 million global fixed income allocation. As at March 31 last year, Bentham Asset Management managed about $33 million in global credit with a cast of managers including Hastings Funds Management, Morrisons & Co, Pencarrow, Investa and QIC covering alternative asset classes such as private equity and infrastructure.
Gatenby has overseen the disbursement of about $80 million in donations during her term as CEO, the Trust Waikato statement says.
“It’s been the greatest privilege and pleasure assisting Trust Waikato and communities all around the region,” she said in the statement. “I’ve loved working with people who are just as passionate as I am about this wonderful region we live in. The time is now right for new energy for Trust Waikato, and for me to explore new opportunities and ways of supporting communities.