By Nicholas Bryant
Friday 14th April 2000
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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.
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