BT NZ fills head role

BT New Zealand(BTNZ) has filled its recently vacated chief executive role with the appointment of the group’s Australian subsidiary head of wrap, Mark Smith, into the position.

Smith, who will relocate to Auckland and commences in the role on June 9, replaces Craig Stobo who resigned early last month after 14 years with the group and heading the group’s NZ operations since September 2000 following the departure of the then chief executive, Myles Baron-Hay.

Smith has worked in the financial services industry for 14 years and has experience across investment banking, funds management and the operational side of BT Financial Group Australia’s business.

As head of wrap, Smith will be succeeded by BT investment product director Dean Thomas, who like Smith has experience across a number of BT’s business operations, including funds management, legal, product, and administration.

In his existing role Smith has been involved in developing BT Wrap and Wrap Essentials, and has seen their combined funds under administration grow from $1 billion to $12 billion over four years.

The recent changes to the NZ business also saw the departure of chief investment officer Andrew South, and led to BT Financial Group Australia chief investment officer Guy Strapp assuming the additional responsibilities of New Zealand last month.

Strapp is charged with providing an investment management overview and support to the BTNZ investment team, and is encouraging its trans-Tasman subisidary to leverage off the resources of the Australian investment team.

Prior to Smith commencing in his new role, former BTNZ chief operating officer Mike Newton will continue to assist the group in its day to day operations.

BTNZ is responsible for $1 billion of Westpac unit trust and retirement plan portfolios.