Harbour Asset Management team will have free rein: First NZ Capital

Thursday 14th January 2010

Harbour Asset Management, the new funds management business made up of the former AllianceBernstein team, will operate on an arm’s length after broking house First NZ Capital helped set it up last month.

First NZ chief executive Scott St John said the broking firm has a “vested interest in capital markets here” and was keen the retain AllianceBernstein’s talent. But aside from providing the seed capital and premises, it will largely let the investment team run itself.

“We first wanted to ensure that this capable team remained in New Zealand, because we’re of the view, long-term, that makes us enthusiastic about capital markets, even though it looks challenging in the short-term,” St John said. “It will be for (head of trading) Andrew (Bascand) to make the most of this opportunity.”

Harbour Asset Management will be headed by Bascand, one of New Zealand's most experienced fund managers and market-watchers.

Graeme Wong, formerly a Brierley Investments executive, will chair the operation. Strategist Darryl Briggs, portfolio manager Craig Stent, Kevin Bennett, and Oyvinn Rimer will round out the investment team.

Wayne Stechman, Tower Asset Management's former New Zealand equities manager, will act as an independent director. First NZ's Bill Trotter and Richard Bodman will complete the board.

AllianceBernstein announced last November that it would be shutting up its New Zealand shop and running the business out of Australia.

The company manages about $4 billion for New Zealand investors, though it’s unclear as to how much of that will migrate to Harbour Asset, with rival fund managers saying much of the money has already moved.

Businesswire.co.nz

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