by Susan Edmunds
Gaynor said he would be stepping away from management of Milford's active growth funds – the unit trust and KiwiSaver - on April 1.
Instead, he will focus on his role as head of investments and chairman of investment meetings.
Jonathan Windust will take over the funds.
Gaynor said the firm had grown significantly over recent years, to an investment team of 18 people. It would soon reach 20, he said.
“In sporting terms it’s a deep team, and a strong bench. For me, it’s time to bring these guys through and give them opportunities.”
He said, although he had been responsible for the active growth funds for 10 years, he had delegated responsibility from time to time to one or two people. “They proved to do very well in this area.”
Stepping aside from portfolio management role was part of a wider succession plan, he said.
“It’s the much more sensible thing to do in a fund management business, rather than have someone in my position staying managing the money for too long.”
Gaynor said running the investment division was taking more and more time as it grew. “It erodes the time I have to look at companies.”
He travels regularly to visit the Milford team in Sydney. Gaynor said it was ideal for fund managers to be able to focus on investments 95% of their time. “Running it like I have been, I haven’t been able to do 95%.”
But investment advisers should not notice a change. Windust had similar views and the same mandate, he said. “There will be no change in the construction of the funds when he takes over.”
Gaynor said there could be some change in the stocks in the fund over time, as part of a natural progression.
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