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Major clean out at OnePath

Friday 18th of November 2011

ANZ Wealth general manager Simon Botherway has announced the new structure and senior appointments to its Investment Management team.

Graham Ansell will continue in the role of Head of Fixed Interest, but now for the combined OnePath and ANZ Wealth teams.
 
Mark Brown has been appointed Head of Equities.  Brown has been a senior Investment Manager in the OnePath equities team for many years and has established a strong performance track record over that period.

The new structure means the following roles have been disestablished: Chief Investment Officer - OnePath, Senior Fixed Interest Manager  - OnePath, and Head of Investments - ANZ.

The Structured Credit team is now disbanded as ANZ Wealth has exited from managing these particular investment products.

Losing their jobs are:

Philip Houghton-Brown. He has been a member of the senior leadership team for the majority of his 15 years here, including in his role of Chief Investment Officer.

"I'd like to acknowledge Phil's enormous contribution to the success of OnePath during that period which is reflected in strong investment returns for our clients and OnePath winning numerous industry awards," Botherway says in an email. "Additionally Phil's leadership during the GFC was invaluable as was his contribution to the success of all our KiwiSaver funds."

Amanda Smith. Smith has served as Head of Equities at OnePath for over 14 years. "Amanda has decided this is the right time for her to pursue new opportunities," Botherway says. "She has led the high-performing equity team with authority and purpose whilst achieving excellent investment results for our clients."

Senior Fixed Interest Manager, Andrew Michl and Head of Structured Credit, David Jansen also lost their jobs. Botherway mentions Jansen's "dedication to the task of rationalising and liquidating discontinued products following the GFC and Andrew's management of the high-yield bond funds."
 
"While there are some changes to the team, ANZ Wealth remains committed to delivering the highest quality investment proposition for our clients," Botherway says.

"The changes are designed to integrate and simplify the structure, remove role duplication and align processes and functions across all the investment activities we deliver.

"There is now a centralised Wealth team for both equities and fixed interest resulting in a stronger combined resource, incorporating the experience of the OnePath and ANZ investment teams."

 

Comments (4)
Anthony Edmonds
An interesting part of this change is that it looks like it is bringing the investment operations of the ANZ National Bank Private Bank into the OnePath fold. It will be interesting to see if this goes down ok with the private banking customers and advisers. I guess that the private banking advisers get to replace the independent advisers who have been fleeing the OnePath fold!
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13 years ago
Phil East
Nice to see the culprits now being removed, the Frozen funds Group did not get the full justice it deserved. Hats off to all thos emembers who took the fight so far and i am sure the incident will always be etched on our memories. As a result ofd ANZ learning that they did not live in our world or any world that resembled reality , i now have to suffer the very expensive advertising campaign they embarked upon post Frozen Funds Group action.
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13 years ago
John Milner
My thoughts exactly Gary O. How ironic your comments were about advisers not understanding the difference between the titles of fixed interest and equity managers. Those advisers who invested their clients funds in the CDO products were chasing equity returns within what they thought was a fixed interest, low risk, product! What I also found ironic was the frozen funds group was assisted by the very advisers who invested them in the CDO's. These very advisers were knee deep in the stuff. They appeared to hide within the group, throwing stones at OnePath, when they were actually part of the problem. OnePath provided a product to advisers who were gagging for something to win over clients who were fleeing to term deposits. They asked - they got. OnePath, like all of those frozen fund advisers AND THE REST OF THE WORLD got it wrong. They have paid the price in the return of funds and loss of brand. What about the advisers - when is it your turn. The Church case has now been and gone. Are you advisers still waiting for that phone call?
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13 years ago
Phil East
Good on Helen Troop and ANZ these people sold unsuspecting old age pensioners dodgy products and then resisted an used every trick in the book to avoid compensating the people they had robbed. If it had not been down the courageous fight and efforts of the Frozen Funds group the people would have remunerated 6 cents in the dollar.
0 0
13 years ago
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