FundSource loses head, shifts south

Research house FundSource is about to face a shake-up with its head, Binu Paul, resigning and the operations to relocate to the Wellington headquarters of its parent company the NZX.

Thursday, September 27th 2007, 5:38AM

by David Chaplin

Paul told Good Returns he finishes up at FundSource mid November, shortly after the firm's conference to be held in Auckland on November 9.

He said his resignation was not prompted by the NZX's decision to shift FundSource to Wellington.

According to Paul, after seven years with FundSource he is "looking for a new challenge" with several options under consideration including a potential move overseas. "I'm looking for the next step up in my career," Paul said. "It's more about the merit of the role rather than where it is."

Meanwhile, FundSource staff begin shifting to Wellington next week with the move expected to be completed by early next month.

It is understood the NZX may not replace Paul but two new operational staff have recently been hired.

The NZX was not available for comment.

However, in February this year Mark Weldon, NZX chief, told ASSET magazine that the company had the scale "scale to give effective support to FundSource - particularly in administration and marketing".

"We'd like to learn more about the [financial planning] market and be able to provide further services," Weldon said at the time.

The NZX bought FundSource last September for an undisclosed sum.

In its 20-year history FundSource has already been through some ownership changes. Starting as the New Zealand adjunct of Australian financial advisory and research firm ipac (and jointly owned by New Zealand Fund Managers) the business changed its name to FundSource in 2001 and ipac was bought out by management. At the time of the sale to NZX, long-time FundSource chief, David van Schaardenburg, was the sole owner.

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