Promina-owned Tyndall Investment Management has reported a positive uptake from staff of a unique scheme that allows key staff within the institutionally owned investment group to take an equity stake in the business.
The scheme was launched in January in a bid to prevent key staff leaving to set up boutique operations.
Most fund managers offers share plans and various other incentives in a bid to retain key staff members, however Tyndall chief executive Michael Good believes Tyndall is the only institutionally owned company to set up a scheme that enables key staff to have an equity participation.
“We wanted to set up a scheme that would be competitive with those offered by boutiques in order to give our key staff an alternative incentive to going out and starting up a boutique operation,” Good said.
“The fact that the number of boutiques have grown from five to about 35 companies in five years convinced us we should set up a scheme of our own in order to maintain the stability of our staff.”
He described scheme as a long term incentive that does not detract from the existing short-term incentives and annual bonuses and competitive salaries they receive
While the scheme is offered to all key staff throughout Tyndall, Good said the most interest has come from key staff within the Australian equities division.
The company’s key staff in its NZ and Australian bonds divisions opted instead to stay with an existing Promina incentive scheme, Good said.
