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Shake-up at Kiwi fund king as two top execs flag departure

New Zealand’s biggest non-government fund manager, ANZ Investments, has made a pre-Christmas senior staff clean-out with two long-time employees set to leave the $30 billion plus business early next year.

In a note to clients this week, ANZ confirmed Alan Clarke, co-head of diversified portfolio management, and head of Australasian equities, Craig Brown, will exit the firm in March 2023. Clarke and Brown joined ANZ in 2006 and 2008, respectively, serving in several investment roles during the period.

“They have both decided the timing is right for them to look at other opportunities, but will continue in their roles until March 2023 as we undertake the recruitment process to replace them both,” the ANZ note says. “Maaike Van Tol, formerly Co-Head of Diversified Portfolio Management, will assume full responsibility for Asset Allocation and we will recruit two analysts to increase capacity in her team in the new year.”

ANZ is expected to search for a new head of external managers – a duty previously carried out by Clarke – in addition to other positions. However, the client note says ANZ has been shoring-up its responsible investment unit.

“In addition, and in recognising the importance of our increased focus on responsible investment, we have recruited two analysts to join our responsible investment team which is headed by Helen Skinner,” the ANZ client communication says.

Skinner joined ANZ earlier this year in the newly created head of responsible investment position.

Following the departure last year of head of wealth, Craig Mulholland, the bank-owned business appointed Fiona Mackenzie (photo at top) in another new role as ANZ managing director of funds management. Mackenzie, previously Jarden head of direct wealth, formally took up the ANZ job this January.

ANZ chief financial officer (CFO), Stewart Taylor – who filled in as head of wealth from April through December last year – also resigned this March. Taylor took up the CFO role at Partners Life.

ANZ is the largest retail fund manager in NZ with over $30 billion under management including almost $20 billion spread across three KiwiSaver schemes. The total funds under management also includes some institutional and wholesale mandates.

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