Neville Todd, David Stanley join Woodward Partners Securities
BUSINESSDESK: Former NZ head of Citigroup Global Markets Neville Todd and veteran analyst David Stanley have joined the newly NZX-accredited equities broker for institutions, Woodward Partners Securities.
The firm is targeting niche sales from the burgeoning ranks of boutique fund managers in New Zealand.
Mr Todd will be managing principal and head of trading at WPS as well as taking an equity interest. "We think this is an opportunity," he told BusinessDesk. "The market's expanding here."
That has been helped, he says, by the work of the Capital Markets Task Force, a cleaned-up regulatory environment, tax reform and the fact that with the growth of KiwiSaver more people are looking at stocks.
"The institutional stockbroking arm of Woodward Partners has been opened in response to the taxation reforms in recent years, the growth of savings in New Zealand particularly around KiwiSaver and the New Zealand Superannuation Fund and the prospect of future listings in the electricity and dairy sectors," he says.
The new securities firm is an offshoot of Woodward Partners Limited, a boutique investment bank based in Wellington's Woodward St that was founded in 2009. That is not far from the offices of boutique funds manager Harbour Asset Management, one of several smaller firms that have sprung up in recent years.
"We believe there is an opportunity for a new firm such as ours to service these and the existing local and global funds management firms investing in New Zealand companies," Mr Todd says.
Mr Stanley is a former head of research at Macquarie in New Zealand and previously worked as an analyst covering sectors including forest products and building at brokerages.
Nick Lewis, a founder of Woodward Partners, will also join the broking business, the company says.