Summary
Overview
Work History
Education
Skills
Accomplishments
Certification
Interests
Timeline
Generic

Penelope Hogg

Karori

Summary

An experienced professional operations leader with 20+ years’ experience in New Zealand’s financial services industry, specialising in fund operations, product compliance, and regulatory reporting. Skilled in leading end to end business system transformations, streamlining operational processes, and ensuring consistent alignment with evolving regulatory frameworks. Highly skilled in fund administration, reporting to internal and external stakeholders, including supervisors and regulatory bodies with a proven ability to build and mentor high performing teams, manage complex stakeholder relationships, and deliver high quality services across investment lifecycles. I have led the development of trading and rebalance models, overseen fund accounting and tax reporting and I thrive in environments requiring precision and leadership across teams and managing third party relationships.

Overview

22
22
years of professional experience
1
1
Certification

Work History

Director, Strategic Operations

Forsyth Barr Limited
11.2023 - Current
  • Leveraged professional networks and industry knowledge to strengthen client relationships.
  • Spearheaded innovative approaches to resource allocation and strategic planning.
  • Managed a team of three senior staff, Head of Markets Operations, Senior Technical BA and Senior Operations Specialist to provide a number of services to the Business Operations area at Forsyth Barr
  • Responsible for the market systems that Forsyth Barr uses as their proprietary system to complete all of their business functions
  • Responsible for the contracts and procurement of the systems and data contracts utilised within the business for automated data analytics, for systems like, IRESS, Datascope, LSEG, Refinitiv, NZX
  • Responsible for the transition of all client, adviser and business data from the systems that were utilised by Hobson Wealth Limited across to Forsyth Barr Limited after the acquisition of Hobson Wealth by Forsyth Barr.
  • Responsible for Audit processes with relation to our systems and trading and BCP processes within the group
  • Created a comprehensive Business Continuity Plan for Forsyth Barr Limited
  • Attended NZX’s whole market crisis simulation event on behalf of Forsyth Barr to manage a simulation of how Forsyth Barr would manage a market crisis and documented Forsyth Barr’s response to the NZX
  • Ran the PIE Tax statement process for the Forsyth Barr Funds and liaised with the fund administrator to develop new product Tax Statements.
  • Member of the Funds Oversight Management Committee to review every 6 weeks, compliance, performance, Asset Allocations, Issues registers and any processes related to the operation of the Forsyth Barr Funds.
  • Management of the trading of Forsyth Barr Funds and the fund asset allocations on a daily basis for the fund of funds trades into the assets in the fund
  • Monitoring the cash levels in the Forsyth Barr Funds so that they do not breach the SIPO limits of cash allowed in the funds.
  • Managing Liquidity in the fund so that the Fund has enough money to pay it’s obligations to clients, as well as the fund managers for applications and rebalances.
  • Managing the liquidity and liaising with Head of Accounting and Finance and third party managers to make sure that cash is realised for monthly processes such as PIE Tax, Management Fees and Rebates.
  • Provided sign off for all Quarterly Fund Updates and disclose register entries for the Forsyth Barr Funds
  • Reviewed and provided sign off for the performance calculations for Tempo including TWR and XIRR calculations of performance to gather the technical requirements needed to do these calculations and to also provide subject matter expertise to the engineers around Tax and Performance processes for PIE’s.
  • Managed the decommissioning of 7 old PIE’s and the set-up of 5 new PIE’s and the relationships with the custodian and fund administration with regards to settlement processes and fund processes for each of the new PIE’s
  • Created processes to manage the addition or changes of the investments in the new underlying funds to make sure that Due Diligence was done and that processes aligned with the Product Disclosure Document and regulatory rules of Portfolio Investment Entities.
  • Liaised with Legal and Finance and Accounting around the requirements of PIE eligibility when starting 5 new funds and launching our initial 13 funds.

Chief Operating Officer

Tempo NZ Limited
02.2023 - 11.2023
  • Managed procurement activities to secure resource acquisitions at best possible cost.
  • Identified and pursued business development opportunities to grow organization and increase revenue.
  • Negotiated contracts and agreements to secure favorable terms and maximize profits.
  • Oversaw day-to-day operations to keep organization running smoothly while meeting business goals.
  • Led a team of Operational and compliance staff to get an investment product ready to go to market – Launched August 2023
  • Set up of all the compliance and regulatory processes, documentation and governance processes required for a new fund investment scheme, as well as operational and customer support processes for the app.
  • Managed relationships with 3rd party custodians and administrators to support the operations of the Forsyth Barr funds.
  • Managed new product requests and analysing the impact of these new products on the operational and regulatory processes of the Forsyth Barr funds
  • Part of the senior leadership team making strategic decisions about the operational processes and costs of the business and third party suppliers.
  • Managed sign off processes for all departments required to confirm that the funds are ready for launch to retail customers.
  • Created automated processes for PIE tax reporting for Tempo for consuming JSON files and creating emails and statements of year end PIE Tax
  • Responsible for developing an automated trading process for consuming applications, redemptions and rebalance instructions and
  • Responsible for setting up all governance documentation and processes for monitoring compliance of these that were required for launching a new PIE Scheme, such as the SIPO, PDS and OMI documentation.

Head of Investment Operations

Kiwi Wealth Limited
10.2018 - 01.2023
  • Excellent communication skills, both verbal and written.
  • Demonstrated creativity and resourcefulness through the development of innovative solutions.
  • Resolved problems, improved operations and provided exceptional service.
  • Demonstrated a high level of initiative and creativity while tackling difficult tasks.
  • Led the oversight of a team of 16 staff in Wellington with one team member in Auckland, Team areas consisted of Tax, Investment Compliance, Unit Pricing, Operations, Projects, Data and systems.
  • Constantly evolved the structure of the team to best enable the business to succeed
  • Implemented a new highly automated Order Management system with direct data layers and integration into our accounting systems as well as interfacing EMSX, OMGEO and Market Access and pricing feeds.
  • Implemented FX GO an automated FX settlement system with the banks
  • Worked to outsource our Kiwi Wealth KiwiSaver administration and unit pricing to APEX.
  • Wrote a business case for a new reconciliation system that was approved and implemented in 2020
  • Worked through volatility in 2020 of the markets to implement new solutions and requirements needed for the investment management team to get through the turbulence of the markets.
  • Implemented a Dev Ops solution in task management for the project and systems teams called Lean Kit to enhance accountability and task management ownership
  • Ventured into several new products such as Private Equity and Interest Rate Swaps and designed solutions to hold and value these assets
  • Worked with a number of Investment Managers Kiwi Wealth has relationships with to set up processes.
  • On the Investment Governance Committee
  • On the Due Diligence Committee
  • On the Asset Valuation and Pricing Committee
  • Worked with the board in providing analysis and reporting as well as attending board meetings to speak to board on any matters that were relevant.
  • Involved in Prioritisation and setting up the RAPID decision-making framework within the business

Senior Performance Analyst

Dresdner Kleinwort Investment Bank
01.2021 - 10.2022
  • Analysing performance of Investment Trusts (sector and geographic) and reporting to London Stock Exchange
  • Reviewing performance related to LSE Indexes and internal benchmarks and reporting via World Markets (WM)
  • Reviewing all control teams’ monthly data for the performance uploads
  • Leading a project to automate data download from investment and general ledger systems and produce one information expert to WM system; planning, cost analysis, user testing, implementation and staff training
  • Reporting monthly to the Assistant Director, Portfolio Risk and Performance Measurement

Senior Manager - Operations

Kiwi Wealth Limited
10.2016 - 10.2018
  • Managed large-scale projects and introduced new systems, tools, and processes to achieve challenging objectives.
  • Provided strong leadership to enhance team productivity and morale.
  • Boosted team member productivity by enhancing performance monitoring and instituting motivational approaches.
  • Recruited, trained and managed the performance of two direct reports in the valuation area of Kiwi Wealth
  • Involved in running RFP for a Custodial and Fund Administration review
  • Reviewing RFP documents and analysing and ranking responses in conjunction with consultants
  • Completing due diligence on RFP companies and selecting the new custodian
  • Completed RFP for a new fund managing 750Mil of assets and managing the timing and transfer of in-specie assets transferring from VTI and VXUS managed funds to direct assets.
  • Completed all SLA documentation and operational contract negotiations for the new fund
  • Completed analysis with the portfolio managers to determine the BUY/SELL spread offered in the fund
  • Documented and developed a new process for Hedge P/L that needed to be distributed to/from the fund
  • Complete review of all weekly and quarterly pie tax calculations
  • Complete review of all daily pricing and NAV calculations in the fund, as all calculations were done in house.
  • Complete review of all FDR ratios for Hedge overlay processes
  • Complete review of all FDR hedge calculations for hedge mandates for the various funds held by Kiwi Wealth
  • Managing the relationship with the current custodian and the new custodian and having B2B meetings with those service providers
  • Reviewing the service providers ISAE3402 documents and writing reports for the audit evaluation of these documents.
  • Providing Board documentation when a new product is launched such as futures or Interest rate swaps
  • Reviewing and signing off fund documentation on the due diligence committee when changes to documentation is required
  • Sign off of all staff trading requests and development of the staff trading policy
  • Completion of the errors policy review annually
  • Involvement in the new fund structure of Kiwi Wealth
  • Involvement in the senior management prioritisation meeting to prioritise projects within the business
  • Sign off of monthly client fee calculations and monthly custodial fees
  • Sign off of any monthly related party transactions to make sure they have been certified by the trustee
  • Sign off of monthly and annual PIE tax calculations
  • Review of all daily income and pricing calculations across all the Managed Fund and KiwiSaver products

Director, Chief Operations Officer

First NZ Capital Securities Limited
01.2007 - 10.2016
  • Recruiting, training and managing performance of sixteen staff through four direct reports
  • Managing a series of projects to review, develop and implement a series of back-office systems and processes to create in-house efficiency and to enable the interface with external suppliers / partners
  • Fostering and managing key relationships with settlement agents UBS, CITI, ANZ, Westpac and NZX
  • Reviewing and re-developing staff training, re-writing procedure documents and delivering company-wide training
  • Undertaking conformance testing and street-wide testing of all projects
  • Managing all stages of the system development lifecycle for all projects from concept to design, specification, tender applications, evaluation of all proposals and the managing the implementation programmes
  • Authorising funding requirements for all bank accounts, liaising with banks to maintain current mandates and signing authorities and managing company capital adequacy
  • Undertaking responsibility as Administrator on all system, banking and operational platforms

Vice President, Head of Equity and FI Operations

First NZ Capital Securities
12.2005 - 01.2007
  • Identified opportunities to improve business process flows and productivity.
  • Collaborated with senior management to develop strategic initiatives and long term goals.
  • Recruiting, training and managing performance of sixteen staff managing daily retail and wholesale scrip and cash settlements (volume of $30m) and foreign exchange settlements
  • Authorising funding requirements for all bank accounts, liaising with banks to maintain current mandates and signing authorities and managing company capital adequacy
  • Authoring overseas telegraphic transfers and monitoring transactions in and out of accounts
  • Monitoring settlement status of all trades via FNZC and taking immediate action for one-off stands in the market
  • Planning and overseeing reporting to Directors, including reporting on budget and headcount
  • Fostering and managing key relationships with staff from external agencies
  • Reviewing and implementing improvements to in-house systems to measure performance and enhance business control

Acting Head of Operations

First NZ Capital Securities Limited
01.2005 - 12.2005
  • Undertook duties very similar to those above

Deputy Head of Operations

First NZ Capital Securities Limited
01.2004 - 01.2005
  • Undertook duties very similar to those above

Manager Advisory Portfolio Service

Greenslades Limited
01.2003 - 01.2004
  • Maximized performance by monitoring daily activities and mentoring team members.
  • Accomplished multiple tasks within established timeframes.
  • Recruiting, training and managing six staff undertaking investment management for Advisory Portfolio Management (APM) clients, including reporting investment / team performance to CEO and Board
  • Developing, promoting and growing the portfolio services business, including marketing materials, team capability improvement and implementation of efficient cost-effective in-house systems
  • Implementing board decisions, company business plan (to budget, timeframe and policy) and managing the administration and reporting of client portfolios and tax summaries
  • Handling key relationships with clients, advisors and branch managers and managing important internal / external relationships

Education

Bachelor of Consumer And Applied Sciences - Human Nutrition

University of Otago
Dunedin, NZ

Bachelor of Commerce And Admininstration - Management And Commercial Law

Victoria University of Wellington
Wellington, NZ

Skills

  • Fund Operations Management - Proven experience overseeing end to end fund operational functions including unit pricing, trade execution, monitoring and governance across PIE products and managed fund structures
  • Regulatory Compliance and Reporting – Full understanding of New Zealand’s financial markets legislation including the FMCA and skilled in monitoring, regulatory reporting and managing relationships with Legal
  • Stakeholder and Relationship Management – Has proven ability to build trusted relationships with custodians, administrators, auditors and legal advisers and is adept at supporting governance and compliance functions with clear, data informed reporting
  • Process improvement and Risk Management - Consistently drives efficiency and operational excellence through the development of new workflows, controls and documentation Skilled at identifying and resolving risks and issues across fund processes and systems
  • Finance Sector Applications – Bloomberg; Corporate Online – Westpac; ANZ Transactive; SSS (Trading and Executing System); HIPORT; CHESS;ACE – Chelmer Broking system; BANCS; – NZX Clearing System; UBS – Keylink; NZCLEAR; CITI – Direct for securities; FXAll; E-matching, Geneva Portfolio Accounting System, ThinkFolio, FXGO, Neolink BNP, APEX Nexus, Data Bricks, Tableau, Salesforce Customer Support platform, JIRA, Confluence, AWS environments, ADMINIS Investor Portal, TNT Trading system, IB Trading system
  • Leadership and Managerial – Offers practical success managing the key elements of leadership and high performing and highly effective teams with a proven ability to build, mentor and lead these teams with a strong focus on setting strategic direction, managing team capacity, driving culture, performance and continuous improvement
  • Process and operational optimisation – Naturally focused on reviewing existing systems and processes and implementing improvements across fund operations, trading and compliance environments that contribute to business efficiency and bottom-line profitability
  • Financial and Analytical Reporting – Proven abilities in establishing, controlling and reporting on multi-million $ project budgets and overseeing fiduciary management of client / trader funds while meeting external NZX regulations as well as providing data and analytical reporting to governance committees

Accomplishments

  • Merged two finance businesses and all of their operational systems and data for Forsyth Barr’s purchase of Hobson Wealth. Project managed and documented new operating processes for two tranches of transfer of processes and data.
  • Led the implementation across Forsyth Barr’s PIE fund suite, including the transition of seven legacy PIE funds and the set-up of five new schemes. This included managing relationships with custodians and administrators, preparing regulatory and supervisor reports and ensuring accurate product disclosure materials.
  • Coordinated and oversaw all regulatory fund reporting requirements, including PIE tax returns, quarterly supervisor certificates, Quarterly Fund Updates, maintenance of fund risk indicators, ensuring compliance with the FMCA and alignment with supervisor expectations.
  • Managed the Quarterly Fund Update process including full ownership of data sign offs, review and approval of all PDS updates and disclose register entries and any amendments to ensure consistent product compliance and transparency for investors.
  • Implemented a high performing team: Created a new team from scratch to implement new processes, databases, policies and procedures for the operation of the Forsyth Barr Funds, documenting and delivering group wide sessions to manage the change process.
  • Actively contributed to strategic oversight as a member of the Funds Management Oversight Committee, providing regular insights and reporting for governance discussions and compliance sign off, including director certificates and regulatory disclosures. A key person involved in the operation of the Forsyth Barr Funds.
  • Completed and led the project for implementing a new fund launched by Kiwi Wealthwith the investment manager as JP Morgan and the custodian and administrator as BNP, completed design and process analysis for the new procedures and led the RFP process and due diligence before selecting the parties to partner with.
  • Completed the transition of all registry and unit pricing functionalityfor the Kiwi Wealth KiwiSaver scheme and the managed funds PIE products from in house systems to APEX, working with key subject matter experts and project teams to ensure a smooth transition.
  • Launched the transfer of all the underlying fund assets to BNP as custodian for all the wholesale funds
  • Worked with HATCH, to assist with operational/compliance and control queries they had between Kiwi Wealth and Hatch to build up the financial knowledge within HATCH but also to be a proponent of HATCH within the Kiwi Wealth business.
  • Involved in the prioritisation process of all business projects currently being undertaken or necessary to complete in the next financial year.
  • Made a significant contribution to improvements to operational control at First NZ Capital Securities Ltd managing a series of key projects in the various roles:
  • Split FNZC into FNZ and FNZC: Reviewed existing processes and developed new processes and managed implementation
  • NZX settlement and clearing system: Project Managed and implemented new BANCS system to replace old FASTER system
  • UBS: Led a year-long project to change 3rd party trading provider; negotiated fees, design processes, implemented new trading systems, oversaw documentation and managed stakeholders providers network
  • Automated Cash Management: Analysed, specified, tested, trained staff and implemented new system that resulted in 3 hours of operational processing time saved each day
  • Deposit and Withdrawals: Designed and implemented a new Cash Management system that calculates clients call monies, interest payments and can schedule payments for clients
  • FX: Analysed, mapped and oversaw development and implementation of automatic FX processing from deal execution to settlement.
  • FXAll: Implemented FXAII for operations team, including documentation and user training
  • Derivatives: Developed new processes, developed a new team and implemented automated settlement and reporting systems for new derivative products launched on NZX
  • Promoted within First NZ Capital Securities Ltd based on demonstrated capability in all roles: Deputy Head of Operations to Acting Head of Operations, Head of Equity and Fixed Interest Operations / Vice President and Chief Operations Officer / Director
  • Managed a successful team of investment professionals as Manager Advisory Portfolio Services with Greenslades Ltd in Dunedin:
  • Demonstrated financial analytical skills as Senior Performance Analyst for Dresdner TCM Global Investments (UK)
  • Gained strong finance sector accounting and reporting skills as an Investment Accountant with Commonwealth Bank of Australia and Dresdner TCM Global Investors
  • Completed excellent professional training via Bachelor of Commerce & Administration from Victoria University of Wellington and varied in-house training in leadership and finance and investment (see details below)

Certification

Blacksmith Leadership Coaching and Mentoring

Forsyth Barr - Leadership training

IB Trading workstation training

Leadership code – Kiwi Bank Leadership course

Catapult Leadership

Money and Finance Paper (Masters Programme) – Victoria University of Wellington

Business Development – ROGEN, Sydney

NZ Stock market papers 405N and 508N – Securities Institute of Australia (2000)

Interests

  • Volunteer Work
  • Gymnastics
  • Walking
  • Tech enthusiast, passionate about exploring the latest advancements and innovations

Timeline

Director, Strategic Operations

Forsyth Barr Limited
11.2023 - Current

Chief Operating Officer

Tempo NZ Limited
02.2023 - 11.2023

Senior Performance Analyst

Dresdner Kleinwort Investment Bank
01.2021 - 10.2022

Head of Investment Operations

Kiwi Wealth Limited
10.2018 - 01.2023

Senior Manager - Operations

Kiwi Wealth Limited
10.2016 - 10.2018

Director, Chief Operations Officer

First NZ Capital Securities Limited
01.2007 - 10.2016

Vice President, Head of Equity and FI Operations

First NZ Capital Securities
12.2005 - 01.2007

Acting Head of Operations

First NZ Capital Securities Limited
01.2005 - 12.2005

Deputy Head of Operations

First NZ Capital Securities Limited
01.2004 - 01.2005

Manager Advisory Portfolio Service

Greenslades Limited
01.2003 - 01.2004

Bachelor of Consumer And Applied Sciences - Human Nutrition

University of Otago

Bachelor of Commerce And Admininstration - Management And Commercial Law

Victoria University of Wellington
Penelope Hogg