by Rob Hosking
The current marketing manager, Alistair Scott, is to be “transitioned” into the chief executive role between now and January 2006.
Somers-Edgar - who is overseas and unable to be contacted - will move to become chairman of the company.
Scott says Somers-Edgar will still be heavily involved. The company recently announced the appointment of Bernie McCrea as national investment director. More changes are clearly in the pipeline.
Scott will spend the next few months visiting financial planners in the United States, Europe and Australia and putting together a new strategic plan for Money Managers.
That will be presented at the company’s January conference. “I don’t know if it’s correct to say Doug will be ‘stepping aside’ as such,” Scott told Good Returns.
“As chairman he’s obviously going to be heavily involved in the strategic planning – he’s going to be very much involved, but just not as much in charge as he has been.”
Somers-Edgar also has extensive business interests outside Money Managers and the move will allow more scope for those, says Scott.
Scott says the changes reflect a need for the company to adapt to face a changing financial and regulatory environment.
“I guess it brings in a bit of fresh thinking. I guess also we have an industry which is positioning itself for coming regulation and increased competition – partly from the banks.
“It's also a an opportunity for a bit of new blood.”
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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