New chief for BT Institutional Assest Management
Head of BT New Zealand, Myles Baron-Hay, will return to Sydney after the Olympic games to join BT’s Institutional Asset Management team as head of in-stitutional business development.
Head of BT New Zealand, Myles Baron-Hay, will return to Sydney after the Olympic games to join BT’s Institutional Asset Management team as head of in-stitutional business development.
He says his new role will help meet BT’s goal “to aggressively grow our institu-tional business in Australia”.
“Although we have a significant presence in that market (being a $20 billion busi-ness), BT recognise the need to realign the business to the clients’ needs,” Baron-Hay says.
He says there is a huge potential for growth in the Australian institutional business for BT, which currently has about 5 per cent of the market.
“My brief is to take the business to the next step.”
He says the company in New Zealand is in a very strong position should thrive un-der the new management.
“BT NZ has consistently been in the top quartile for performance, has had record fund flows at the retail level and is well positioned in the institutional market.”
Craig Stobo will take over as head of BT Funds Management (NZ) at the end of September following the departure of Baron-Hay.
Stobo will continue is his role as BT’s chief investment officer while taking on the extra responsibilities of chief executive.
However, BT’s head of retail, Mike Newton, has also been promoted to deputy chief executive to assist Stobo with the extra workload.
“We are in the process of reviewing the business but there will be no extra demand on my corporate governance role with the new position and I’m not changing seats,” Stobo says.
“No other big changes are on the way and there are no plans for hiring and firing of staff.”
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