Newcomer Milford wants $50 million for listed fund

Friday 2nd April 2004

Funds management newcomer Milford Asset Management is planning to raise $50 million for a listed investment fund.

The fund, which will be structured similarly to Fisher Funds Management's Kingfish offer, will be marketed using the profile of business columnist Brian Gaynor, who recently became a director and shareholder in Milford.

Mr Gaynor, a former equities analyst, has gained a following among mum-and-dad investors through his columns in the business section of the New Zealand Herald and, previously, The National Business Review.

The Kingfish fund sought a minimum $50 million and ended up with $58.5 million for investment in "small" New Zealand companies with a market capitalisation of up to $450 million.

A third listed investment fund offering, from Salvus Strategic Investment, is still on the drawing board.

Milford was founded in January by former sharebrokers Neville Todd and Alan Moore and former fund manager Graeme Thomas.

The development of the New Zealand boutique funds management industry mirrors that in Australia, where a spate of listed and unlisted funds have raised capital in a buoyant equities market.

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