One of Watson Wyatt’s most senior consultants has resigned and plans to return to funds management, possibly with a boutique.
Andrew Spence, one of a handful of consultants designated ‘principal’ within Watson Wyatt’s Australian office, will leave the firm on Thursday. “I had some preliminary discussions [about a move back to funds management] while I was at Watson Wyatt,” he said. Spence, who joined Watson Wyatt from Credit Suisse Asset Management (CSAM) in December 2004, said he missed the hands-on role of funds management. “I’ve missed being able to make a decision and implement a decision,” he said. Spence joined CSAM from Westpac Investment Management in 1995. He would not give details of his next move but said he hoped to finalise it over the next couple of weeks. “I’m either going to look bold or foolish,” he said. The decision to resign in late May was about leaving the firm at the most convenient time for Watson Wyatt, Spence added. The loss of Spence follows a big talent gain for Watson Wyatt in March, when it attracted Mercer Investment Consulting’s Melbourne head, Martin Goss, to join its Victorian office.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
