Fisher Funds confirms departure of Marlin Global team

BUSINESSDESK: Fisher Funds, the fast-growing KiwiSaver provider and manager of listed investment funds, has confirmed the departure of its global equities investment team.

Ken Applegate, senior portfolio manager for the NZX-listed Marlin Global fund, is to return to the United States, where he will continue to manage Fisher’s international funds, including Marlin, for 12 months, the firm said.

Fisher Funds will close its San Francisco office with the departure of analysts Scott Brown and Scott Huan at the end of this month.

Managing director Carmel Fisher said she expects to announce a new portfolio manager in coming weeks.

With Mr Applegate returning to the US, “we no longer require additional US-based resource”, she said of the San Francisco office closure.

The departures were flagged last week, when it was reported that Mr Applegate and Scott Brown had joined Fisher in 2007 at the time it was launching its KiwiSaver product and seeking to diversify from Australasian equities.

Shares of Marlin last traded at 70 cents and have declined almost 30% in the past 12 months.

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Good Time to buy?

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Not time to buy ....don't want to catch falling knife !

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How many of FF products are actually doing well,or have ever done well.
The International part of FF is way below Fixed interest for its operating period.
Pity the poor fools who are in FF kiwisaver.
Perhaps Carmel herself is the problem.
Unable to attract decent staff

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Question for Carmel Fisher's team - Why is it that Marlin/Kingfisher/Barrramundi haven't deducted withholding tax from their dividends? It is annoying having to make up the difference in 28% imputation credits. Don't the companies have to deduct 5% withholding tax now to take total deductions up to 33%?

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If investors in Kingfish, Barramundi and Marlin had any sense they would vote to have these funds wound up. The only people making money from these "investments" are Fisher Funds.

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