Gareth Morgan steps back from day-to-day investment management at Kiwibank's Gareth Morgan Investments, Simon O’Grady named chief investment officer
Gareth Morgan has confirmed he's stepping away from day-to-day investment management and into governance at Gareth Morgan Investments (GMI), the KiwiSaver provider and fund manager he sold to state owned Kiwibank earlier this year.
Kiwibank also said today it has appointed Simon O'Grady as its chief investment officer.
Kiwibank's parent, New Zealand Post, is paying up to NZ$58 million for Gareth Morgan Investments. Announced in January, the deal saw NZ Post pay NZ$43.5 million up front for GMI with another NZ$14.5 million to be paid at an unspecified later date based on future performance milestones including the level of funds under management.
O'Grady, who has been working as a consultant for GMI since Kiwibank's acquisition, was previously employed by Suncorp in Australia where he was head of Global Premia Investments. Morgan said he was confident O'Grady would lead the business to "even greater heights.''
“I am delighted to have Simon join the business. I’ve been working with him for the past five months and have been impressed by his intellect and his understanding of what makes GMI so special. As I move into a governance role, I had to be sure I was handing over the reins in terms of overseeing our investments and clients to the right person," Morgan said.
With O'Grady stepping into the role as chief investment officer, Morgan said he would focus his attention on his new role as chair of GMI's investment governance committee.
Stuart Bremner, managing director of GMI and Kiwibank general manager of wealth and insurance, said O'Grady would be working closely with Susan Easton, head of GMI's investment strategy team. O'Grady's appointment comes on the heels of Diana Gordon's placement at GMI as senior fixed interest strategist.
In January when the Kiwibank purchase was announced GMI said it had NZ$1.5 billion of funds under management including NZ$650 million held on behalf of KiwiSaver investors.