Somerset Smith hires local lads as wealth advisers

Somerset Smith Partners' new front row is Matt Doole (left), Mike Kaye and Steve Dinsdale. Photo/Duncan Brown

A national recruiting campaign resulted in three Hawke's Bay people being hired by Somerset Smith Partners, which will make it the largest investment-advisory firm in the region.

Managing partner Anthony Sabiston said the company was not being parochial - the three were the best candidates.

Michael Kayes joined Somerset in 1992 and became a Foundation NZX Adviser in 2003. He was operations/events manager at Pettigrew Green Arena before joining the New Zealand Police. He is currently a trustee of the Alan and Sylvia Potts Trust, which organises the annual Potts Classic Track and Field meeting.

Steve Dinsdale worked in the financial services industry for over 26 years and spent the last 15 years at the Napier office of Perpetual Guardian where he provided wealth management services. He holds diplomas in business studies, human resources and management. An Authorised Financial Adviser, he is studying towards his NZX Diploma.

Matt Doole returned to Hawke's Bay after working overseas in London, Hong Kong and Sydney for 10 years. Graduating from Victoria University in 2001 with a Commerce degree, he has previously been an NZX Adviser with ASB Securities between 2002 and 2006.

Mr Sabiston said all three were undergoing training, a feature of the industry required by law.

"It was interesting to note how at the time of the introduction of the Financial Advisers Act in 2010 the number of individuals authorised to offer investment advice fell by 82 per cent overnight, so the industry is in catch-up to meet the demands for advice from investors," he said.

Somerset has18 staff in its Havelock North and Napier offices, with $400 million under management.