ASX-listed trans-Tasman SME lender FE Investments Group has appointed Marcus Ritchie as its new chief executive. Ritchie's recent experience includes senior roles at ANZ and Bank of America Merrill Lynch. He replaces co-founder TK Shim, who will remain on the board. The other co-founder Melvin Stewart will step down from his executive director position but will continue to assist the company with the management of its property loan portfolio. Effectively held hostage by its coalition partner New Zealand First with its baby boomer base, the New Zealand Labour party has abandoned its long held policy of instituting a capital gains tax on investment property. Prime Minister Jacinda Ardern yesterday announced the Tax Working Group's recommendation for a CGT would not be advanced after the three coalition parties were unable to reach a consensus. She said, although she personally still believed a CGT would reduce inequity, the focus of tax policy would shift to base erosion plus tightening rules around land speculation and land banking.