Stobo to leave BT

UPDATED STORY: BT Funds Management chief executive Craig Stobo has resigned after 14 years with the company.

Thursday, March 25th 2004, 3:35PM

BT is seeking a replacement for this position and in the interim Mike Newton is acting chief executive effective immediately.

Newton has extensive experience in the funds management industry in both New Zealand and Australia including funds management positions with Kleinwort Bensen, Zurich Investment Management Limited, Sovereign Assurance, as well as spending more than three years as chief operating officer for BT in New Zealand.

Newton says it is a short-term contract and he has no intention of taking on the job on a full-time basis.

Recently Newton along with business partner Wayne Ross, established Select Asset Management. He says he will also continue to work at Select as well and that is where his long-term focus will be.

He says BT is is in a good position with "phenomenal" distribution opportunities, good products and a good brand.

Stobo told Good Returns he decided to resign as it was time for a change. He has been with the company for a long period of time and has seen it through the integration with new owner Westpac.

Stobo says he is not leaving to take up another position, rather he had some other ideas.

New Zealand asset classes continue to be managed by the domestic investment team from BT’s Auckland office. Specifically, Paul Richardson, who recently took over from Andrew South, is portfolio manager for New Zealand equities and listed property, Kevin McEntee manages New Zealand Bonds and Andrew Blackler manages cash portfolios. The team is supported by BT’s investment analyst, Angelika Buys. Additional appointments will be made to support equities research.

Guy Strapp will be BT New Zealand’s acting chief investment officer. Strapp is cio for BT Australia. He will provide an investment management overview and support to the BT New Zealand investment team and will ensure that BT New Zealand is able to leverage off the significant resources available from the Australian investment team.

Asset allocation decisions for BT's diversified funds will continue to be managed by the New Zealand investment team with input from Guy Strapp and Callum Burns, head of asset allocation in Australia.

As one of the largest specialist investment management companies in New Zealand, BT remains committed to strengthening its local asset management capabilities and to growing its relationships with financial advisers in the New Zealand market.

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