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Former Smartshares boss joins competitor

The former Smartshares chief executive has joined an Australian firm aiming to break into the local market.

Sunday, November 5th 2023, 6:38PM 1 Comment

Betashares, has snagged former Smartshares boss Hugh Stevens as its New Zealand-based executive director.

He will join BetaShares NZ and will be responsible for a growth, distribution, and strategic initiatives to assist the firm  as it looks to expand in New Zealand.

As part of the role, he will work closely with Betashares executive director - institutional and adviser services Vinnie Wadhera, who will continue to lead New Zealand client service and distribution strategy.

Stevens has more than 20 years of experience in financial services and funds management, working across structured debt, project finance, alternative assets, superannuation and PIE funds. Previously he was the chief executive at NZX-owned Smartshares

Other gigs include being the senior local and global roles at FundRock (previously IIS), BNP Paribas Securities Services and J P  Morgan Chase.

Currently he is on the boards of the Government Superannuation Fund Authority and Anglican Church Pension Board.

Betashares launched five PIE funds across Australian, global and ethical equities, as well as fixed income earlier this year. \\

Betashares chief executive  Alex Vynokur, said Steven’s appointment was the next step for the business as it continues to bolster its New Zealand client servicing, distribution and growth efforts for financial advisers and investors.

“We’re excited to welcome someone of Hugh’s calibre to the Betashares team. We believe that Hugh’s deep understanding of funds management and financial services, along with his local knowledge and relationships will be invaluable as we build our New Zealand business,” Vynokur said.

“Betashares is committed to becoming an integral part of the New Zealand financial services ecosystem.

Stevens said he has a series of growth initiatives for the business.

“I’m looking forward to assisting New Zealand investors and their advisers to build and protect wealth using the resources and capabilities of the broader Betashares business,” he said.

"Numerous growth opportunities exist to add value to the New Zealand market with new and innovative solutions purpose built for this market."

Tags: BetaShares

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Comments from our readers

On 8 November 2023 at 10:56 am Pragmatic said:
Whilst a great appointment, I’d hate to be in the business of selling low cost commoditised investment vehicles… especially when technology will increasingly open access to cheaper global options (ie: think Vanguard at 3bps)

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