Smartshares Limited is the new name of the business, and will become effective from 9 May 2005. The two new appointments include Nina Gené as General Manager and Yvonne Davie as Sales & Development Manager.
A wholly owned subsidiary of New Zealand Exchange Ltd (NZX), Smartshares Ltd manages four exchange traded funds (TENZ, MIDZ, MOZY and FONZ ) that can be bought and sold just like shares. Smartshares are baskets of shares designed to mirror a particular sharemarket index, like the NZSX 50 Portfolio Index, which FONZ tracks. Each Smartshares fund contains shares of all the companies that make up that index, in the same proportions as they hold in the index.
Smartshares’ Chairman Professor Don Trow, said that the announcement signals a shift in focus for the business.
“Changing the name to Smartshares Limited gives the business a new focus going forward. Smartshares is committed to providing low cost, easy investment options for New Zealanders to participate in the sharemarket. We are committed to this and the name change and the appointment of two new senior executives, prepares the business better to provide opportunities for a wider range of New Zealanders to participate in the sharemarket, with confidence”.
Nina Gené joins Smartshares from a 10 year career on Wall Street, which included buy side experience at Salomon Smith Barney as well as institutional sales at Credit Suisse First Boston. Nina has an MBA from Duke University and a Bachelor of Arts in Economics & International Relations from Boston University. Yvonne Davie joins Smartshares after 10 years retail investment and corporate superannuation experience with organisations such as AMP Financial Services, ANZ Funds Management & Tower.
Professor Trow said the company name change will not impact on existing unitholder funds or holdings in any way. All unitholders would receive confirmation of the new name in the next few weeks.
