IRD KiwiSaver leader joins Gareth Morgan

The leader of the IRD team that launched the implementation of KiwiSaver will be taking the lead executive role at Gareth Morgan Investments next week.

Cathy Magiannis was appointed chief executive today and will commence her full time role starting Monday.

Directors Gareth Morgan and Andrew Gawith say the reason for the appointment is the continuing rapid growth of the company, which manages some $1.3billion for private portfolio clients and KiwiSaver and Superannuation members.

"Andrew and I remain committed to and involved in the business, but we acknowledge the importance of deepening and broadening our senior management team.

"We are in a growth phase, and we want to make sure we grow properly," Mr Morgan says.

The company says Ms Magiannis is a good fit for the "bit of a renegade" in the funds management industry.

"We were also looking for someone who shared our values, and understood the importance of our unique culture.

"We knew we needed someone with a solid background in managing growth and change but we didn't want a corporate suit in the role," Mr Gawith says.

Ms Magiannis says the post is a challenge she's excited to take on.

"I've seen this group in action. There's a high degree of integrity in this business. They are growing, but they want to grow properly - they don't want growth to compromise the quality of the customer experience," she says.

With Ms Magiannis on board, Mr Gawith will shift his focus to specific projects within the business. He will remain a significant shareholder and board member.

Mr Morgan will continue to focus on investment strategy and business development.

- © Fairfax NZ News