Richard Somerville has stepped down as Chairman of Milford Asset Management after 13 years, starting from the company’s inception in 2003. The chairmanship has been assumed by Mark Cross, who joined the Board in 2013.

“I’ve been in the role since Milford’s start-up in 2003, and it has been an exciting & rewarding ride to see the company move from zero to $3.4 Billion of FUM, and from a team of 4 to a team of 51 today. All through this period, our engine room of funds performance has maintained a leadership position in the NZ Market, something I am immensely proud of”. Richard will remain on the Board as a Director.

The timing of Marks appointment to the Chairmanship is coincidental with the business entering its next stage of development, and goes with the strong support of Richard and the unanimous agreement of the Milford Board.  

Mark Cross was appointed to the Board in 2013 as part of the succession planning for the Chairmanship. Mark’s involvement with Milford to date, coupled with his extensive investment bank experience across a number of markets in senior executive roles, provides the right background to take Milford into its next phase of growth. Mark is the current chair of both Mutual Fund Ltd, and Superannuation Investments Limited, as well as holding board positions with Z Energy, Genesis Energy Ltd, Argosy Property Ltd and Triathlon NZ Inc. among other appointments.