Finance minister Katy Gallagher has confirmed that she held informal talks with the sovereign wealth fund’s Board of Guardians amidst speculation its mandate could be changed to align it with the transition to net zero.
New Zealand’s sovereign wealth has set its future 20-year rolling returns forecast well above the risk-free rate but below the annualised 10 per cent it achieved in its first two decades of operation.
… as Parkes takes over as regional head of Investor Services sales
(pictured: Shaun Parkes)
Shaun Parkes, who joined J.P. Morgan in 2003 in London and who has headed up the firm’s Investor Client Management business in Asia ex-Japan since 2013, is replacing Laurence Bailey as head of Investor Services Sales for Asia Pacific at J.P. Morgan.
Bailey, a J. P. Morgan veteran of more than 30 years, announced his intention to retire late last year. This will take effect in the second quarter this year (see separate report).
Parkes, who was previously global head of depository receipt sales and client management, was promoted from J.P. Morgan in London in 2009 to take on the Hong-Kong-based Asia ex-Japan role.
Parkes also held a number of sales management and product roles in the clearance and collateral businesses from London, where he has actively assisted the development of these businesses in Asia.
Prior to joining J.P. Morgan, he held senior positions at Deutsche Bank and HSBC in a variety of roles including collateral and repo sales.
He said last week that the Asia Pacific region was the fastest growing in the world for securities services and J.P. Morgan had the largest securities servicing business in the region of the global custodian banks.
“It’s a big challenge to continue the role and influence of Laurence [Bailey] and my other predecessors, keeping up with the demands of this fast-paced and increasingly sophisticated part of the world,” Parkes said.
“We never rest on our laurels, though. We want to be the best at what we do, not just the biggest. We are increasingly harnessing all aspects and services of the J.P. Morgan group worldwide to help our clients also grow their businesses, protect their assets and members and enhance their returns.”
