Lloyd Kavanagh

Partner - Financial Services

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

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

For his work on financial markets law reform, Lloyd was made a Fellow of the Institute of Finance Professionals New Zealand Inc. (INFINZ). His expertise is proven by being an author of numerous publications including 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, financial adviser services, and Fintech. Experience includes public offers, M&A, and restructuring projects. He advises on securities regulation including Financial Markets Conduct, Financial Advisers, AML/CFT, bank and non-bank deposit-taker licensing, and insurance prudential supervision.

In relations to governance, topics of particular interest to Lloyd are: the implications of climate change for directors and fund managers, conduct and culture for financial institutions, and trading in times of stress. He has published articles and spoken at conferences in New Zealand and overseas on these topics.

Professional background

Recent work

Transitioning to the new Financial Adviser regime

Advised a major bank, a major insurer, and a number of adviser and fund manager businesses, with strategic advice on their obligations, licensing and training requirements under the new Financial Services Legislation Amendment Act adviser regime.

Responding to the RBNZ/FMA conduct and culture review, and to BEAR

Advised a major Bank, and a major Insurer, on their responses to the RBNZ/FMA conduct and culture review, including the Plan to address gaps identified by the RBNZ/FMA review. Advised an Australian Bank in respect of the implications of the implementation of Australia’s Banking Executive Accountability Regime (BEAR) to the Bank, its New Zealand subsidiary and accountable persons.

FinTech, and block chain

Advised a leading cryptocurrency exchange with all aspects of their business, including compliance with New Zealand financial services and AML/CFT law requirements; Advised a block chain incubator in its engagement with regulators in relation to the new virtual Asset Service Providers’ AML/CFT regime, and its application to utility tokens.

BNZ’s YouWealth funds, and BNZ’s DIMS

Advised Bank of New Zealand’s fund management arm, BNZ Investment Services Limited, with the establishment of its retail managed funds offering, the YouWealth scheme;

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

Milford’s funds

Helped Milford transition its seven Milford Unit Trust PIE Funds, three Milford KiwiSaver Scheme funds and eight Milford wholesale funds to the new regime. 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.

ASB Bank funds

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.

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.

Christian Savings Group

Assisted the Christian Savings Group with transitioning their corporate structure from an incorporated society to a limited liability company. Prior to that assisted Christian Savings Group to transition to the FMCA and NDBT regimes, becoming the first issuer of a debt PDS.


  • 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
  • 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 Chair 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