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.

Father's Day SOON! Crazy Deals on ALL IRG Yearbooks - More than 50% OFF - $19.99 for 44th IRG Yearbook 2018-2019


  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:

NZ dollar rises after Orr talks up the economy
Comvita posts $27.7m net loss on goodwill write-downs
Buyers emerge for Denton Morrell client book
WEL reviewing capital structure of fibre business
Cavalier announces strategic collaboration with NZ Merino Company
Delegat continues to invest after record year
Kiwibank's annual profit eases as fee income drops
TIL lifts operating earnings, watching for slowdown
Vector profit slides 44% on struggling HRV writedown
Steel & Tube returns to the black but says margins are squeezed

IRG See IRG research reports