BNZ's private banking completes makeover

Bank of New Zealand will be looking for someone new to head up its private banking division.

Friday, July 13th 2012, 6:00AM

Current head Tracey Berry has handed in her notice, and is current a quarter of the way through her notice period.

She isn’t leaving to join another financial services organisation. Rather the decision to leave is based on her travel schedule (she lives in Christchurch and works in Auckland) and her desire to spend more time on some of her governance roles. One of those is a member at FMA Financial Advisers’ Disciplinary Committee.

Berry says in her two years at the bank she has achieved her goals.

One of those was to re-engineer its wealth management business.

It now has a strong offering in the ultra-high net worth market and is looking to role out a proposition in the mass market.

Berry is widely regarded for her knowledge in setting up KiwiSaver schemes. She was the General Manager Wealth at Kiwibank when it ditched Mercer and set up its own scheme and was responsible for Westpac’s offering when she was Head of Wealth Management at the bank.

It is widely expected that BNZ will launch its own KiwiSaver scheme soon, however there is no word from the bank.

Currently it uses AXA’s scheme for personal accounts and AMP’s scheme for business customers.

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