Chow brothers appoint ex-PwC boss ahead of mystery project announcement

A finance company owned by rich-list property magnates, the Chow brothers, has appointed a leading financial risk adviser  for a new project.

Inno Capital director John Chow said former PwC partner Roger Kerr will take up the role of chairman and independent director of a “yet to be announced” project. The company gave no details of what the project is.

“At this stage in our development, and in view of future plans, we see value in having a level of independent governance and a fresh perspective from someone who has no financial interest in the business and no bias.”

Inno, which was launched two years ago, aims to shake up the property finance sector, funding deals of up to $50 million.

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The company has funded at least 19 projects including The Hilton in Queenstown, the Lakes development in Tauranga, and Crofton Downs in Wellington.

Kerr has been a board member of a number of companies including Financial Services Complaints, Pie Funds Management Limited, Trust Investments Management and the National Provident Fund.

Until June 2016, Kerr was a partner at PwC. He continues as  a consultant to the firm’s treasury advisor services business unit.

Kerr said he was looking forward to working on the new Inno Capital project, by protecting and enhancing stakeholder interests.

“My focus will be working closely with directors…to ensure the strategic direction and goals of the new venture are agreed, clearly understood and that the resources are in place to achieve those objectives.”

Inno Capital director Clint Webber said Kerr would ensure all stakeholders’ interests were “well-served”.

“Roger has witnessed changing market conditions throughout his career spanning 40 years and that in itself adds real grit and substance to our business.

“With global and domestic macro-economic insights and his ability to interpret and assess implications, Roger will play a key role in our next project.”

Kerr was known for implementing financial risk management frameworks and policies on the boards he has been involved in, Webber said.

The Chow brothers are a major player in the property industry, with an aim of managing $1 billion worth of property by 2020.

According to the Chows, property remains the core business — making up 90 per cent of their assets.

In 2015, the brothers bought listed shell company, RIS Group, to list their $200m portfolio.

The brothers also have interests in hotels and strip clubs.

– Stuff