PAA Legacy Trust’s new chair, investment update

Trevor Slater, who was the founding Independent Trustee & Chairperson of the PAA Legacy Trust since its inception, has recently stepped down from the role.  In accepting his decision, the Trustees recognised his wisdom and leadership, and expressed their thanks on behalf of all Financial Advisers for his contribution to the Trust.  In line with the criteria set by the Trust Deed, an Appointments Panel of Bruce Cortesi (previous PAA Board Chair) and Karen Tatterson (previous PAA Board Member) was set up to recommend Trevor’s replacement.

The Appointments Panel recommended Darrin Franks as the new Independent Trustee & Chairperson, and the Trustees confirmed his appointment.  Darrin is well known to many financial Advisers from his time in executive roles across sales & marketing in the New Zealand life insurance industry.

Like Trevor, Darrin was a previous Independent Board Member of the PAA, so understands very well the history and purpose of the PAA Legacy Trust.  Darrin is currently General Manager Marketing, Strategy & Development at Instance Finance.

The Trustees met separately last month with JMI Wealth and Jarden, the investment managers responsible for Trust investment portfolios, for an update.  Both manage the portfolio

against a Balanced risk return profile, and the original investment of $2.11m invested 50/50 between JMI and Jarden was showing an increase at that point of $119,000 to $2.29m.