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Makao Investments has won the asset consulting gig put to tender by the Waikato Regional Council (WRC) this May.
In its October 26 meeting report, the WRC names Makao as “its strategic adviser for an initial period of three years, with a three year right of renewal”.
The deal, “subject to the completion of satisfactory fee negotiations”, will see Makao replace Mercer as the council asset consultant.
As reported last month, the WRC fund currently invests via a suite of underlying managers including Fisher, First Sentier, Harbour, Mercer (ex Macquarie NZ funds) and Stewart Investors.
Over the 12 month to the end of March 2022 the fund was down about 10 per cent, according to the Council’s annual report.
Founded in 2019 by Russell Investments alumni, Noah Schiltknecht and John Horrell, Makao has chalked up a number of consulting mandates recently including the $44 million NZ Refining superannuation fund (another former Mercer client) and Public Trust investments. The boutique is also investment adviser to the Wealthpoint financial planning network, which has more than $3 billion in managed funds on behalf of clients, among other clients.
Meanwhile, the $470 million Central Lakes Trust (CLT) is reportedly close to naming a new asset consultant with Mercer and the Australian firm, JANA, the likely contenders.
CLT was on the hunt for an implemented investment solution for its $300 million plus diversified portfolio, currently advised by Melville Jessup Weaver (MJW), which doesn’t offer bundled products.
Former Otago Community Trust chief, Barbara Bridger, took over as head of CLT this March.
The $315 million Otago fund also followed the implemented style, switching from Russell to Mercer in April, just after Bridger departed.
JANA has stamped out a big footprint in NZ with advisory clients such as several community trusts – including the $1.7 billion Foundation North – and the $5.6 billion BNZ KiwiSaver and retail funds.
Meanwhile, a more recent Australian entrant to the NZ consultancy market, Frontier Advisors, has seen its main point man for Aotearoa skip to a funds management distribution role.
The Australia-based, Harry Green, has taken on a job with MFS while Sarkis Tepeli, Frontier principal consultant, will assume his NZ client-servicing and marketing duties.
Tepeli leads the Frontier division covering clients in higher education, private wealth, endowment and foundation clients (which includes NZ charitable trusts).
Green joined Frontier from the UK as a consultant.
To date Frontier has secured one major NZ client, the $1 billion Tauranga-headquartered charitable fund, TECT, and has made the short list in a couple of community trust tenders.
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