Working group to explore NZ as funds management

Tuesday 6th April 2010

A private sector working group is to advise on the steps needed for New Zealand Inc. to create an international fund services industry.

Economic Development Minister Gerry Brownlee said the International Fund Services Development Group, chaired by long-time financial markets participant Craig Stobo, would consider what is needed to establish such an industry, along with associated activities that would make New Zealand a popular accounting and administration centre for international fund managers.

“In particular we need to improve our attractiveness to intermediaries who specialise in the administration and management of global funds and associated activities,” Brownlee said.

“Our transparent, stable and neutral legal systems, high quality regulatory and tax environments, deep pool of talent and unique time zone advantage together mean New Zealand has a lot to offer, particularly in light of the global financial crisis.”

Asia Pacific does not have a local funds domicile despite the significant growth in the region’s capital markets in recent years.

Other members of the group are Caniwi Capital Partners chair and chief executive Troy Bowker - a personal acquaintance and former professional colleague of Prime Minister John Key with a background in structured finance; Citigroup N.Z. chief executive Mark Fitzgerald; BNP Paribas N.Z. chief executive Hugh Stevens; and Tower Investments chief executive Sam Stubbs.

The group is required to report by the end of May, and is supported by a secretariat from the Ministry of Economic Development.

Businesswire.co.nz

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