IRD KiwiSaver lead appointed Chief Executive

PRESS RELEASE

9 March 2010

IRD KiwiSaver implementation lead appointed Chief Executive of Gareth Morgan Investments

Gareth Morgan Investments has appointed Cathy Magiannis as Chief Executive. Magiannis will take full responsibility for the day-to-day management of the business.

Directors Gareth Morgan and Andrew Gawith say the impetus for the appointment is the continuing rapid growth of the company. “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,” says Morgan.

“Cathy led the KiwiSaver implementation team at IRD, so we’ve had some insight as to how she assembled and led the team that successfully launched KiwiSaver under a very demanding timeframe.”

Magiannis was a good fit for what’s been seen as a bit of a renegade in the funds management industry. “We knew we needed someone with a solid background in managing growth and change,” says Gawith, “but we didn’t want a “corporate suit” in the role. We are very strong on values around here—client interest being first, second and third priority—so we were also looking for someone who shared our values, and understood the importance of our unique culture.”

It’s a good fit for Magiannis. “The KiwiSaver connection is obviously very important. 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. This is a challenge I’m excited to take on.”

With Magiannis on board, Gawith will reduce his day-to-day management role and his hours and shift his focus to specific projects within the business. He will remain a significant shareholder and board member.

Magiannis’ appointment won’t impact Morgan’s role. “I’ve always focused on investment strategy and business development, and I’ll be sticking to that.”

Magiannis starts full time in the GMI office on March 15 2010.

Gareth Morgan Investments manages $1.3B for 1,000 private portfolio clients, and 46,000 members of their KiwiSaver Scheme and Superannuation Scheme.

ENDS

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