The Trust Company has made key changes to its executive team following its acquisition of The New Zealand Guardian Trust Company.
“While we will maintain the Guardian Trust name in New Zealand, we are moving quickly to establish a unified management structure to ensure we take full advantage of the opportunities presented by the merger of our businesses,” said The Trust Company chief executive John Atkin.
The Guardian Trust’s John Botica joined the executive team on completion of the acquisition. Cathy Stephenson was appointed executive general manager of business operations and information systems following the restructuring of Guardian Trust’s operations. Atkin said that Stephenson was ideally placed to lead the upgrade of group’s operating processes and IT systems upgrade.
Chris McDermott has joined the group as general manager of information systems to support Stephenson, while Ray Gould has been appointed executive general manager of personal client services in Australia.
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.