Sharechat Logo

Fund manager looks to shake up market

By Nicholas Bryant

Friday 14th April 2000

Text too small?
Fund managers spend less on local shares than Australian fund managers spend on their local shares, which has lured a new outfit across to this side of the Tasman.

Perpetual Investments said the norm of local fund managers placing only 5-15% of investors' money in New Zealand shares was a big bonus. In Australia, an average 40% of managed funds is weighted to local stocks, in part due to a bigger market and to complacency over surety of solid returns, Perpetual Investments national account executive Damian Crowley said.

He said far greater returns could be achieved in foreign stocks over time.

Fund managers bore the brunt of criticism last week from ANZ head of corporate finance Joseph Healy and economist Gareth Morgan. Dr Morgan slated local fund managers for their hands-off attitude to boardroom-level decisions, despite being significant shareholders.

He gave the example of pressure from an Australian fund manager providing the catalyst for the dumping of AMP chairman Ian Burgess and his co-directors from the board. Perpetual is proud of its role in the dumping.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes
NZ dollar gains as dovish Fed comments point to 50-bps US cut
19th July 2019 Morning Report
RBNZ says no change in approach on Resolution Life's AMP purchase
MARKET CLOSE: NZX50 hits record as yield stocks remain in vogue
NZ dollar mixed after strong Australian employment data
Energy efficiency key to lowering cost of renewables push - EECA
Paper recycling costs rising 35% as export markets collapse
First Union leading rivals for biggest average pay claims, says bargaining firm

IRG See IRG research reports