Flint Chief turns to FNZ

FNZ has hired Flint Wealth chief Angela Vale to head its NZ operations.

Vale leads the Challenger Fund platform flint cheap will take pole position at FNZ in mid-May, replacing interim chief Vanessa Oakley.

A company spokesperson said: “FNZ confirms the appointment of Angela Vale as New Zealand’s new CEO.

oakley inherited from Former FNZ NZ head James McDonnell said after taking a long vacation in February this year,

In a note to clients, FNZ said:

Prior to joining Flint, a joint venture between Australian firms Research IP, Harbor Asset Management and Trustees Executors (TE), he held a short stint as Chief Growth Officer at Perpetual Guardian before joining a digital financial services boutique in 2018. I was in charge of Footprint.

She has also held senior client and strategic roles with several NZ companies, including Sovereign and Kelly’s recruiting group.

Research IP founder Darren Howlin and investment director Oliver Trusler have assumed joint management of Flint.

“We have expanded our role to lead the strategic direction of Flint,” said Howlin.

Vale has “successfully implemented” its plan to position Flint as a B2B investment platform rather than a direct-to-consumer sales model, he said.

“She also helped us win important clients,” Howlin said. “We wish her the best of luck.”

Flint currently offers over 100 funds raised from 11 NZ managers, including 38 Smartshares products.

Last month, TE and Haber each increased their stake in Flint (through holding company Formosa Wealth) to about 40%, with Research IP now holding the remaining 19.5%. Previously, the three companies held equal shares in Flint.

In February, TE chief Ryan Bessemer also resigned from the boards of Flint and Formosa, and Keith Richards, a Swiss-based director and family office financial controller, filled the gap.

FNZ NZ last year partnered with Harbor majority owner Jarden to launch a direct-to-consumer investment platform based on the Hatch US stock trading service. Kiwi Wealth sold Hatch to his FNZ for his $50 million in late 2021.

Meanwhile, in the UK last week, FNZ partnered with Virgin Money and fund manager abdrn (previously known as Aberdeen) to release a new investment platform aimed at consumers.

According to a release, the FNZ-backed Virgin service “provides both first-time and experienced investors direct access to a range of three investment funds to choose from.”