Morrison & Co picks up Fisher Funds stake

Lloyd Morrison’s HRL Morrison & Co has bought a 26% stake in Fisher Funds.

The partnership, announced today, will see Mr Morrison join the Fisher Funds board and Carmel Fisher become a director of HRL Morrison & Co, which manages listed infrastructure company Infratil.

Morrison & Co is also a specialist manager of infrastructure assets for the New Zealand Superannuation Fund.

Fisher Funds used to have a Super Fund mandate too – to manage part of its New Zealand equity portfolio – which it lost in March.

The deal with Mr Morrison, who is very well respected in the business community, is a coup for Ms Fisher.

She has been shopping for a shareholder for months to take on the stake purchased from former chief investment officer Warren Couillault after his departure.

Ms Fisher and her husband Hugh took out a loan from ASB Bank in June, with 5533 of Fisher Funds’ 10,000 shares pledged as security, to buy Mr Couillault’s shareholding in the business.

Mr Couillault, who used to have a 27% stake in Fisher Funds, left the company in February amidst rumours of a rift and keen industry speculation about the size of his payout.

Fisher Funds manages five unit trusts and three NZX-listed investment companies, and has more than 13,000 KiwiSaver clients.

After a run of success, 2008 has been a horror year for equities in general and growth stocks, in which Fisher Funds invests, in particular.

As a result, the share price of the three listed vehicles – Kingfish, Barramundi and Marlin – has taken a battering.

For the year to March 2008, Fisher Funds earned revenue of $16.6 million and a profit after tax of $3.84 million.

The dividends paid to shareholders were doubled from $2.5 million to $5 million.

In May, NBR reported that Fisher Funds had issued a confidential information memorandum seeking a new shareholder for the company.

At the time, Ms Fisher strongly denied there was a sale process going on.

But in August she told NBR that she had been in talks with an interested party at the time, which had since ceased.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7047 -0.0022 -0.31%
AUD 0.9433 0.0034 0.36%
EUR 0.6409 -0.0021 -0.33%
GBP 0.5370 -0.0005 -0.09%
HKD 5.4663 -0.0160 -0.29%
JPY 74.4300 0.3020 0.41%

Commods

Commodity Price Change Time
Gold Index 1320.8 5.240 2016-07-26T00:
Oil Brent 45.2 -0.060 2016-07-26T00:
Oil Nymex 42.9 -0.220 2016-07-26T00:
Silver Index 19.7 0.030 2016-07-26T00:

Indices

Symbol Open High Last %
NZX 50 7310.4 7324.6 7310.4 -0.12%
NASDAQ 5143.8 5146.9 5110.0 0.51%
DAX 10314.4 10352.3 10247.8 0.70%
DJI 18473.3 18542.4 18473.8 0.03%
FTSE 6724.0 6780.1 6724.0 0.35%
HKSE 22193.3 22277.2 22129.7 0.40%
NI225 16526.1 16821.4 16383.0 1.72%
ASX 5537.5 5564.6 5537.5 0.04%