Standard & Poor's Fund Services (S&P) and its Australia and New Zealand managing director Mark Hoven have parted ways after the global financial crisis (GFC) confined his job to a local role rather than the global position into which he was promoted.
Hoven said that his duties waned over time after S&P Fund Services opted not to execute on its strategy to become a global business. In 2009, S&P Fund Services had said it planned to merge its European and Australian fund ratings businesses and push into new markets, including North America and Asia, to provide fund ratings, research and wealth management services.
At the time, Hoven was promoted to co-manage S&P Fund Services globally from London. However, the expansion plans were hit due to the GFC, and Hoven returned to lead S&P Fund Services in Australia."The responsibilities of my Australian role were limited compared to the global role. The breadth and depth of my responsibilities also diminished as our senior leadership team expanded," he told InvestorDaily.
"I did not resign and we have gone our separate ways. I am focused now on my future," Hoven said.
"I had an excellent career at S&P and tremendous learning experiences and exposure, and I'm sad to leave under these circumstances."Hoven was with S&P for just over 10 years and started as head of market development, with responsibility for business development activities for all S&P divisions in Australia and New Zealand. His career spans 24 years with experience in financial services, engineering, stockbroking, fund ratings and wealth management.
He said he would pursue another opportunity in the financial services industry and keeping an open mind about his new role. An S&P spokesperson confirmed Hoven left.
S&P head of research Leanne Milton said she would continue to run S&P Fund Services on a day-to-day basis, while Jose Ordonez would manage the commercial aspects of the research house.
