NZ Funds CEO stepping down

Richard James is stepping down as the chief executive of NZ Funds Management.

Friday, March 16th 2018, 6:00AM

He has been with the firm for 25 years and has been leading it for the past nine years. The firm has $1.1 billion in funds under management and another $450 million under advice.

James tells Good Returns that it's time for a change as the company moves into a new phase of its growth.

"I have been very fortunate to have been able to realise that goal of leading NZ Funds, becoming chief executive in 2009 and having had the last 9 years at the helm, surrounded by a very talented team who also happen to be really good human beings.

"I have also felt quite lucky to be able to choose myself when to step aside, rather than to have that decision imposed upon me, as many others in my position seem to!"

He says his decision to step down has been driven by two catalysts.

“The first is that NZ Funds is moving into a new phase and I felt that the time was right for fresh leadership. Leadership that is strong in the areas where I am less so.

“The second catalyst was that for the last few years I have had a growing portfolio of extra-curricular activities, mainly in non-profit areas of education and sport, and it has been becoming more and more difficult for me to do justice to each of those roles, at the same time. “

NZ Funds is currently going through a search process, helped by one of New Zealand’s leading executive search firms, Hobson Leavy. That process will consider our internal candidates and identify potential external candidates.

“We have an outstanding team at NZ Funds and there is a real depth of experience and leadership capability in the firm. I believe that any one of our senior people could leave tomorrow, myself included, and the firm would go on without missing a beat.

“There are also several individuals in the firm that have the potential to make an outstanding CEO and I really hope they will pursue that opportunity. Irrespective of who leads it next, NZ Funds is in very good hands. “

James isn’t completely leaving. He will remain a shareholder and director and will continue to work for NZ Funds in a part time capacity.

Tags: NZ Funds Richard James