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Fisher Funds buys competitor

Friday 10th June 2005

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Fisher Funds buys Coronet Asset Management Limited (CAM) from The Equitable Group.

CAM is the manager of the Coronet Equity Trust, a unit trust investing in shares in New Zealand and Australia. The Trust has approximately $8m under management.

"We believe that focused active investment management will greatly improve the prospects of the Trust in the future," Fisher Funds managing director Carmel Fisher says.

The Equitable Group's chief executive David Forgie expects Fisher Fund's track record of investment performance and its commitment to build the product will benefit unit holders significantly.

The purchase of CAM enables Fisher Funds to offer its loyal investor clients an Australian equities investment capability.

"Our clients have been telling us for some time that they would like us to widen our product range, and acquiring CAM does just that," Fisher says.

"We believe our unique and proven philosophy of investing in a concentrated portfolio of smaller, well managed, growing companies will see us generate attractive returns in the Australian equity market."

In tandem with the purchase of Coronet Asset Management Fisher Funds announces two significant additions to its investment team.

Frank Jasper and Andrea Struik have joined the firm to focus on the research and management of Australian shares.

Jasper was previously responsible for portfolio management and investment strategy at ABN Amro. He is joined by Andrea Struik, a recent arrival to New Zealand from the United Kingdom, where she worked for a boutique funds manager.

Current Coronet Equity Trust unit holders will be invited to a meeting to be held in July to meet the Fisher Funds team and gain a greater understanding of how the Trust can be developed going forward.

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