Two key people leave fund management firms

Two of the biggest fund managers in the country have lost key people this week.

Friday, December 3rd 2004, 9:28PM

The chief executive of Tower's New Zealand Investment Businesses Paul Bevin has decided not to stay with the company and will be leaving later this month.

Bevin has run the Tower Asset Management team for 16 years during which time it has been established as New Zealand's leading wholesale fund manager.

Tower announced in September that it was merging its New Zealand operations into a single organisation under one chief executive - who has yet to be found.

It said that Tower New Zealand Insurance and Operations, run by chief executive Paul Hunt, and Tower New Zealand Investment Businesses, run by chief executive Paul Bevin, will merge under one umbrella.

Hunt and Bevin both said they are not interested in the new chief executive role.

Meanwhile ING has lost the man who has been running arguably its most successful new fund.

ING’s Diversified Yield Fund DYF has attracted more than $280 million in funds under management since its launch last year, and it has exceeded forecast performance returns.

The fund invests in the complex area of Collateralised Debt Obligations (CDOs).

Fixed interest manager Jim Reardon, who has been running the fund is leaving the company to settle in Sydney.

Reardon joined ING in 2001 as a fixed interest manager, with a particular focus on credit management and currency.

ING chief investment officer Rebecca Thomas says the impact of Reardon’s departure will be minimised because ING takes a team approach to funds management.

“As a ‘fund of funds’, the core investment management function lies essentially with the underlying managers, who will of course continue to perform this role in respect of the Fund,” she says of the DYF.

Thomas says ING is now considering a number of options to further resource the investment team.

In the meantime Graham Ansell and Andrew Michl will manage the fixed interest and credit portfolios.

Reardon has accepted a role at Halifax Bank of Scotland (HBOS) in Sydney as Head of Trading and Sales. He begins with HBOS early in the New Year.

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