Stobo to head up BT

BT Funds Management has announced that chief investment officer Craig Stobo is to take over running the funds management business in New Zealand.

Former chief executive Myles Baron-Hay is moving back to Australia to join BT’s Institutional Asset Management team as Head of Institutional Business Development.

Stobo will retain his role as chief investment officer.

To ensure Stobo has the capacity to continue to focus on the New Zealand investment management process, Mike Newton, Head of Retail will be promoted to deputy chief executive.

Commenting on the appointments Baron-Hay said: “The company in New Zealand is in a very strong position and I expect the business to thrive under their direction”.

Having just celebrated its first successful year of partnership with its new parent company the Principal Financial Group, Stobo said “BT’s strength in the New Zealand market is reflected by record fund inflows”.