Investment News, 4 November 2019
Nikko Asset Management has named Kea NZ global chief, Craig Donaldson, to its board, replacing outgoing director, Tracey Berry.
Berry, a well-known figure in NZ financial services, has returned to an executive role in the industry as general manager in the TSB wealth business. At various times over the last 15 years she has served as head of wealth management for three NZ banks – Kiwibank, BNZ and Westpac.
TSB (via the TSB Community Trust) is the majority owner of KiwiSaver provider Fisher Funds, creating a potential conflict of interest for Berry if she remained on the board of Nikko, which launched its own scheme last year.
The Nikko KiwiSaver scheme had about $5 million under management and 60 members at the end of September this year.
Donaldson is global chief of the Kiwi networking business co-founded by Sir Stephen Tindall, Kea NZ. Kea boasts about 500,000 NZ ex-pat members with an aim “to connect with one another and with home to find global opportunities”.
As well as serving on a number of other boards (including newly-launched digital commercial property syndicator, Jasper) he held a number of senior finance roles from 1989 to 2005 for Bankers Trust, Deutsche Bank, Merrill Lynch and Royal Bank of Scotland.
Nikko Asset Management New Zealand Limited (Company No. 606057, FSP22562) is the licensed Investment Manager of Nikko AM NZ Investment Scheme, Nikko AM NZ Wholesale Investment Scheme and the Nikko AM KiwiSaver Scheme. This material has been prepared without taking into account a potential investor’s objectives, financial situation or needs and is not intended to constitute personal financial advice, and must not be relied on as such. The Product Disclosure Statements are available on our website: https://www.nikkoam.co.nz./invest/retail.