The fallout at QuayStreet starts
As many predicted portfolio managers at Quay Street Asset Management are leaving after the business was acquired by NZX-owned Smartshares.
Friday, January 27th 2023, 3:22PM
It has been reported that both Andrew South and Roy Cross are leaving QuayStreet at the end of March.
Both are portfolio managers with South looking after the equities fund and Cross the income fund. South has also been the the firms chief investment officer.
Also, both managers had worked together for many years including at Brook Asset Management.
Many were surprised when late last year passive fund manager Smartshares acquired the actively managed QuayStreet business.
The departures are interesting as under the Quay Street model it prefers to operate portfolios with managers in a sole-charge capacity, meaning each was had ultimate accountability for their funds.
Under the deal the transition of the team was due to be completed by February 23.
Good Returns understands the CIO role will be taken over by Stuart Millar. While Millar has been Smartshare's CIO he has a long track record in managing active fund managers, previously at ANZ. Ross Hunt is expected to become portfolio manager for the income fund.
Added to the changes, NZX chief executive Hugh Stevens announced this week he was leaving the firm too.
| « Smartshares CEO steps down | Botica to depart FMA » |
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