Milford grabs Westpac's head of wealth operations

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Milford Asset Management has appointed BT’s Head of Wealth Operations, Bryce Marsden as its chief operating officer.

Tuesday, January 19th 2010, 11:16AM

This is a newly created position “as Milford reinvests back into its business during a period of strong growth in its funds under management.”

BT manages money for its parent company Westpac, which last year also lots its head of Wealth Management when Patrick Middleton left to join Perpetual. It is understood this position at Westpac is still vacant.

Marsden has been at BT Funds Management for over 13 years in various senior roles. He will be responsible for the administrative, compliance, accounting and technology functions at Milford.

He will also have input into Milford’s strategic planning and retail product management.

Milford executive director Anthony Quirk says Marsden will make a strong contribution in many areas of the business. “The appointment reconfirms Milford’s commitment to reinvest into its business to ensure we offer top quality investment performance and service to our clients.”

Milford currently has over $400 million of funds under management, up 67% from the same time last year. Funds growth has been strong across all areas of its business including:

• The Milford Aggressive Fund, which has $70 million. The Aggressive Fund has achieved a 32.2% return to 31 December 31. This fund is managed by Brian Gaynor.
• Milford’s KiwiSaver offering (the AonSaver AMT Milford KiwiSaver Aggressive Fund) has the same investment portfolio as the Aggressive fund.
• Balanced investment portfolios managed for individuals, family and charitable trusts and company superannuation schemes. Wholesale New Zealand or Australasian equity mandates. Milford’s strong domestic equity team, investment process and performance have contributed to a significant lift in funds under management in this segment.

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