By David Chaplin

Copyright investmentnews

The NZ Superannuation Fund (NZS) has cut more than a dozen roles as part of a restructure of its investment operating model.

According to a NZS spokesperson, the more than $87 billion sovereign fund has trimmed the investment team from 95 to 78 – the latter figure also including six vacant positions currently in recruitment phase.

The changes follow a recent move to an “access-point-focused structure to an asset-class-based one” for the NZS investment strategy under joint CIOs, Will Goodwin and Brad Dunstan. Goodwin and Dunstan took over the permanent duties last December from interim incumbent, Alex Bacchus.

Bacchus, NZ head of strategic tilting, filled in as CIO after the exit of Stephen Gilmore in June last year.

NZS revised the model to bring “greater consistency and rigour in the way we evaluate investment opportunities, and to allow us to make better-informed and more comparable decisions across both new and existing investments”, under its total portfolio approach, the spokesperson said.

Asset-based reporting lines should also create a more “efficient management” process for the fund as it grows: Treasury forecasts show the NZS peaking at about $1 trillion in the 2070s.

“The creation of a simpler structure has entailed the removal of some roles where there has been duplication and overlaps in responsibilities,” the spokesperson said.

Del Hart was the most senior NZS investment staffer to leave the fund recently. Hart, formerly head of external investments and partnerships, departed the NZS about a month ago following a 15-year career with the fund.

At the same time, the fund has shifted Maaike van Tol to head of risk from her previous role as director portfolio design on the asset allocation team.

In April last year Van Tol jumped to NZS following a nine-year at ANZ Investments where she finished as head of asset allocation.

Chief risk officer for the fund, Michael Mitchell, said she would “take responsibility for risk across the organisation, covering portfolio risk and model risk, compliance, operational due diligence and enterprise risk”.

Meanwhile, the Financial Markets Authority (FMA) has also seen a string of senior exits over the last few months including Emily Howe and Anna McGaffin – head of external relations and communications, and, executive adviser strategy and design, respectively.

The latest departures follow the resignation of the executive director strategy and design, Daniel Trinder, in August with the FMA later scrapping the position – one of six created by then newly installed chief, Samantha Barrass, in a 2022 top-level restructure.

Since then several of the senior regulatory execs have decamped including Paul Gregory and Sharon Thompson, respective heads of response and enforcement, and, transformation and operational delivery. Barrass also pencilled-in a Te Ao Māori executive director role that was later rubbed-out.

But as well as the executive command, a slew of other senior FMA staff have spun through the revolving door including chief economist, Stuart Johnson, and supervision director, Peter Taylor – both imported, along with Trinder, from the UK for the roles.

FMA head of investments, Diana Gordon, also left the regulator unannounced a couple of months ago. Gordon was Kiwi Wealth head of fixed income until new owner, Fisher Funds, moved in early in 2023.

The regulator has been under pressure from the government to trim employment cost with about 20 cuts confirmed earlier this year, although it is understood senior leadership roles were not targeted in the cull.

Elsewhere last week, FundRock NZ, hired Tony Gilchrist as head of relationship management to replace Maria Flaherty. Gilchrist comes to the fund-hosting arm of Apex NZ from a similar relationship management job at BNZ.

Prior to BNZ he held client services roles at BNP Paribas Securities Services and the NZX after spending more than eight years in Singapore with the Morgan Stanley prime brokerage team.

Flaherty, who joined FundRock in 2023 following a 16-year career with Russell Investments NZ, is understood to have emigrated.

Fast-growing digital-first investment manager, Kernel Wealth, is looking for a head of customer success to fill a fixed term position as full-timer, Catherine Emerson, takes a 12-month maternity leave.

Dean Anderson, Kernel founder, said the firm had received strong interest in the role, which may evolve into a permanent spot.

Anderson said the business would soon be hiring-up further as its growth spurt continues.

Kernel now manages about $2.6 billion across 27 funds (including a KiwiSaver scheme) and a new share-trading service. The most-recent product in the suite – a global shares minus the US – drew in over $100 million in its first month, he said.

Offshore last week, Australia-based global fund manager, First Sentier Group, named Harry Moore as CEO in-waiting to replace Mark Steinberg.

Steinberg officially completes a seven-year stint at First Sentier with Moore to assume the title on January 1, 2026. Moore has spent 15 years at First Sentier (and predecessor firms), most recently as chief commercial officer as at the beginning of this year.

And US quant manager, Acadian, has appointed Matthew McLenaghan as head of institutional business development for Australia and NZ.

Acadian lured McLenaghan from global fixed income giant, PIMCO, where he spent more than 18 years including the almost the last 11 as Australasian institutional business head.

He reports to Acadian Australia chief and head of APAC, Gillian Savage.