Few would disagree that a strong regulator is required for a strong superannuation system. But APRA’s myopic focus on cost to members means its $70,000 Christmas party is unlikely to help its reputation.
Good investing requires real sacrifices, according to Oaktree’s Howard Marks, but you can’t expect to be compensated just for making them.
BT veteran gets charitable fund role
Matthew Goldsack, head of investment solutions for the Westpac-owned BT Funds NZ, will take up a role at Trust Management later this month. Goldsack resigned from the NZ$10 billion (A$ 9.5 billion) business in December after an eight-year career with the Westpac subsidiary.
It is understood he will replace long-time Trust Management head of investment, John Williams, who is retiring, according to sources. Trust Management invests on behalf of a number of underlying charities via a range of six group investment funds. Figures from the Disclose website show the group manages about $450 million, of which about half is invested in an in-house unlisted property portfolio.
The manager also uses State Street index funds for global shares and bonds while Harbour Asset Management looks after the $90 million Australasian Sustainable Share allocation.
Williams joined Trust Management early in 2015 following a six-year stint as Vanguard Australia key client manager. Prior to Vanguard he spent over seven years as a consultant for Russell Investments in NZ.
Neither Goldsack nor Trust Management was available for comment.
In other appointment news last week, Michael Raynes resigned as Fisher Funds head of distribution for a new career as a financial adviser with Forsyth Barr in Hamilton.
Raynes worked at Fisher in a variety of roles beginning as a client services manager in 2007. In 2012 he was promoted to head of communications before taking on distribution duties four years later.
– David Chaplin, editor, Investment News NZ
