The ANZ-owned wealth management group OnePath NZ has shaken up its leadership structure losing two senior executives in the process.

Paul Butler, OnePath NZ head of funds management, and Nigel Jackson, head of product, have been made redundant following the ANZ-led clean-out of its wealth management subsidiary.

John Body, head of ANZ Wealth, said the business has been reformed along operational rather than business lines, ditching the former structure which had been arranged under funds management, real estate and insurance divisions.

“In November 2010 we established a new Wealth business to bring together the management of OnePath with Private Banking and Wealth,” Body said.  “Our new model means that Paul Butler’s old role (MD funds management) has been split into three specialist functions covering funds’ product manufacture, distribution and investment operations.”

Following the restructure, David Boyle, formerly OnePath head of bank distribution, was named general manager funds management, while ex-OnePath insurance managing director, Jeremy Nicoll, has switched to the newly-created role of general manager wealth distribution.

Another longtime OnePath employee, Aaron Reese, assumed the new position as general manager investment operations.

Butler had a career spanning almost two decades with the organisation, which evolved from Armstrong Jones in the mid-‘90s to ING before taking on the OnePath moniker last year.

He served as CFO for the ING NZ business before taking on the top funds management role late in 2008 when the group restructured under the three product lines.

Helen Troup, an Australian who was CEO of ING NZ since June 2008, left the group in November this year soon after the OnePath brand was established.

ANZ, which took full ownership of ING Australasia late in 2009, retained the group’s New Zealand investment operations while excluding the Australian funds management business from the deal.