Lloyd Kavanagh

Partner - Financial Services

Ranked Band 1 for Investment Funds by Chambers Asia Pacific, Lloyd is a highly regarded opinion-leader on financial services and an expert in corporate governance.

Lloyd is acclaimed by commentators and clients in international research publications.

In recognition for his work on financial markets law reform, Lloyd was made a Fellow of the Institute of Finance Professionals New Zealand Inc. (INFINZ), the first lawyer to receive the accolade. His expertise is proven by being the co-author of Morison’s Company and Securities Law and MinterEllisonRuddWatts’ Corporate Governance White Paper. Lloyd is also a former member of the New Zealand Securities Commission.

Lloyd advises institutions and boutiques on investment funds, equity and debt offerings, and managed investment schemes of all types, specialising in public offers, M&A, and restructuring projects. He advises on securities regulation including Financial Markets Conduct Act, Financial Advisers Act, AML/CFT, and directors’ duties.

Professional background

Recent work

Transitioning to the DIMS regime

Assisted BNZ in preparing the full suite of new required documentation for its transition to the DIMS regime under the FMCA.

FMA Investigation

Advised Milford throughout the FMA’s investigation into alleged market manipulation by one of their trader’s, which was resolved in a manner favourable to Milford.

CBL’s IPO and dual listing on the NZX and ASX

Advised CBL Corporation on its IPO and dual listing on the NZX and ASX, which was the first IPO under the new Financial Markets Conduct Act regime in New Zealand.


Helped Milford transition their 7 Milford Unit Trust PIE Funds, 3 Milford KiwiSaver Scheme funds and 8 Milford wholesale funds to the new regime.

ASB Bank

Acted for ASB Bank in completing transition amendments for transitioning its ASB Investment Funds managed investment scheme, its Superannuation Master Trust and the Investor Choice and Provident Savings Fund superannuation schemes to full compliance under the Financial Markets Conduct Act 2013.

The New Zealand Guardian Trust Company Limited

Acted for Guardian Trust in documenting FMCA amendments to the governing document for the issue of deposits to ensure accurate and complete FMCA compliance.

Kiwibank Limited

Advised on the terms of its funding and services agreement with Creative HQ Limited for the establishment and operation of the 14 week FinTech Accelerator programme.

BNZ Investment Services Limited (BNZISL)

Assisted BNZISL with establishing its new managed investment scheme known as YouWealth, which will be its flagship retail managed funds offering.

Christian Savings Group

Assisted the Christian Savings Group with transitioning their corporate structure from an incorporated society to a limited liability company.


  • New Zealand


  • LLB, University of Otago
  • AMP, The Wharton School of the University of Pennsylvania


  • Fellow, Institute of Finance Professionals New Zealand (INFINZ) Securities Law Review Working Group
  • Member, Institute of Directors in New Zealand (Inc.)
  • Former Chair, MinterEllisonRuddWatts
  • Former Director and Chair, Due Diligence Committee, AMP Services (NZ) Limited and AMP Superannuation (NZ) Limited
  • Former Board Member, Latin American New Zealand Business Council
  • Former Member, New Zealand Securities Commission
  • Former Advisory Board Member, Transfield Services (NZ) Limited
  • Former Chairman and Director, Soprole SA and Prolesur SA - Chile


  • Asset Management
  • Corporate Governance
  • Financial Services Regulation
  • Insurance
  • Private Equity
  • Regulatory Compliance


  • Band 1, Investment Funds Lawyer, Chambers Asia Pacific
  • Ranked as a leading Investment Funds lawyer, The Legal 500 Asia Pacific
  • Recognised by Best Lawyers for Corporate Law, Investment, Mutual Funds
  • INFINZ Fellowship