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New Zealand

Out on QuayStreet for Smartshares to move in.

Andrew South: Leaving QuayStreet CIO

Foundation QuayStreet portfolio managers Roy Cross and Andrew South are leaving the business ahead of its impending acquisition by NZX-owned Smartshares.

QuayStreet wrote to clients in a memo saying that the two “decided not to move to Smartshares” after all staff had job offers.

Cross will remain at Craigs until March, helping manage the switchover while South departs once SmartShares takes control in late February.

South and Cross joined QuayStreet in 2014 after long careers at Brook Asset Management, a dynamic NZ boutique.

NZX purchased the $1.6 billion QuayStreet fund business from current owners Craigs Investment Partners last November for more than $31 million in a transaction set to settle on February 23.

Under the new reporting structure, Smartshares CIO Stuart Millar will assume overall responsibility for the QuayStreet fund, replacing South in the role of head of investment strategy.

ResearchIP, an Australian fund research firm, downgraded the QuayStreet fund following recent portfolio manager actions.

The researcher said despite Miller’s “long track record in managing active fund managers previously at ANZ,” the fund’s active management style “wasn’t Smartshares’ core business until the QuayStreet acquisition.”

However, the departure of a key portfolio manager triggered a restructuring of the entire Quaystreet team, with Ross Hunt taking over the fixed income business from Cross and Xavier Waterstone managing the Australian equity portfolio previously led by South. rice field.

Smartshares Senior Portfolio Manager and diversified fund David Taylor will also step into the QuayStreet breach, according to a client note.

“The management of Andrew South’s Conservation Fund, Balanced Fund and Growth Fund adds to his current diversified fund responsibilities, which includes tactical and strategic asset allocation,” Taylor said.

Stefan Stevanovic, meanwhile, remains Key Street’s head of global equities.

“The investment management team will be strengthened with additional roles to support the international equity approach, and a dedicated investment management team will be established,” said QuayStreet’s memo.

Smartshares plans to hire a Senior Portfolio Manager and Quant Specialist in Global Fixed Income, as well as several junior positions.

NZX Chief Mark Peterson said last November, “The QuayStreet Fund will be offered as a premium product set and will complement Smartshares’ existing structured and passively managed product offering.”

All of QuayStreet’s 10 retail funds and the Group’s $260 million KiwiSaver scheme will transition to NZX ownership.

“SmartShares will work with input from Craigs and our clients to tweak and refine our products so that the funds continue to meet their needs and provide value for money. We will also consider going public,” said Peterson.

Hugh Stevens, CEO of SmartShares, resigned last week after his term of more than five years was set to end in June. Peterson also plans to exit his NZX in April 2024.

https://investmentnews.co.nz/investment-news/casualties-on-quaystreet-as-smartshares-moves-in/ Out on QuayStreet for Smartshares to move in.

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