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Monday 26th April 2004 |
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They are being replaced by Brook Asset Management.
Exeter have decided to continue using Andrew South as their lead adviser to the fund. South recently resigned from BT to join Brook.
In a statement the NZIT says "South...will be the lead fund manager responsible for providing investment advice to the company's Investment manager, Richard Scott of Exeter."
South recently left BT Funds Management (NZ) Ltd, where he had been responsible for providing investment advice to The New Zealand Investment Trust.
NZIT chairman Donald Campbell says in the four years BT and Fisher have provided advice to the company, its performance has substantially exceeded that of the New Zealand Stock Exchange All Ordinaries Index.
"Our net asset value per share increased 39% during that period, against only 18% for the index. During that same period we also outperformed the Australian All Ordinaries Index, which rose only 2% in New Zealand dollars terms."
"South at BT advised us on 80% of our portfolio and, as such, contributed significantly to that strong performance, so we are pleased to be able to maintain through Brook that successful relationship."
Fisher appears to have been replaced as the company is now directly competing with NZIT following the successful launch of its own listed investment company Kingfish.
Campbell expects it will be more cost effective and efficient for the company to return to a single adviser model.
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