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Mercer NZ has replaced veteran head of investment consulting, David Scobie, with… David Scobie.
Scobie left Mercer last March after almost two decades with the business to take up a job as principal advisor on the Treasury capital markets division.
But he bounced back to his previous role last week to lead the group’s “consulting service to advisory and implemented solutions investors”, according to a Mercer note.“As the complexities of investing continue, David will be helping New Zealand clients to manage risks, capture opportunities, and position portfolios to deliver on each client’s unique objectives,” the note says.“David is a familiar face to many, and we’re excited to have him supporting our clients again.”
Prior to joining Mercer for the first time in 2003, Scobie served about 10 years in government finance-related roles – firstly, in a six-year stint managing foreign exchange for the Reserve Bank of NZ followed by four years as a senior commercial investments analyst at Treasury.
He said his 18-month career reprise at Treasury was an interesting break from hands-on investment consulting.
“It was good to do something different for a while but I was drawn back to investments and working with clients again,” Scobie said.
Treasury rebranded its divisions a couple of months ago with the capital markets unit now known as ‘balance sheet and transactions’, headed by Alistair Birchall.
During Scobie’s absence, Mercer distributed his responsibilities among other consultants while head of wealth, Adam McKenzie, also took up some of the slack.
In NZ, Mercer has more than $10 billion in funds under management – including a new suite of retail products picked up last year in a surprise takeover of the Macquarie (ex AMP Capital NZ) funds this side of the Tasman.
Mercer also advises a wide range of investors such as community trusts, charities, superannuation schemes and other wholesale funds.
Meanwhile, the multi-manager and investment consulting firm has named Cathy Hales in the newly created role of chief executive wealth for the Pacific region.
Hales will be responsible for the group’s wealth portfolio in Australia and NZ including the recently former Mercer Super Trust, which houses the A$63 billion acquired via its takeover of the Westpac-owned BT Super business last year and the NZ ex Macquarie funds. Mercer also bought the A$40 billion plus Advance multi-manager division at the same time while snapping up the Macquarie Asset Management NZ (formerly AMP Capital NZ) retail and wholesale funds soon after. In May this year, Mercer announced a further deal to absorb the BT Private Portfolio Management business – a wholesale managed accounts service managing some A$1.9 billion.
Hales joins Mercer from Amicaas, a corporate advisory and investment management firm she co-founded in 2019. Prior to Amicaas, she served for more than seven years as global head of the Challenger-owned multi-boutique operation, Fidante Partners.
Also across in Australia last week, the ASX-listed investment administration business, Bravura, confirmed Andrew Russell as permanent group chief and managing director.
Russell assumed the role in an interim capacity this June, replacing Libby Roy who had served as Bravura chief for just 12 months. Roy had stepped in for then Bravura head, Nick Parsons, who made a surprise exit in June 2022 after only nine month in the position. Parsons was named chief in August 2021 in place of long-time head, Tony Klim.
Russell said in a statement: “Bravura has very strong foundations as a leading technology business and we can now build on this, put the recent disruption and uncertainty behind us and focus all our energy on delivering great service to our customers and rebuilding value for our shareholders.”
The ASX-listed wealth management software firm has clients across Australia, the UK and NZ, where its Sonata system is used by Trustees Executors and Partners Life, among others.
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