UPDATED: Macquarie-owned Brook pulls the plug

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Macquarie-owned fund manager Brook Asset Management is shutting down.

Portfolio manager Andrew South confirmed the situation but told NBR ONLINE he couldn't comment.

All media inquiries were initially directed to One Plus One Communications.

Just after midday, Macquarie's Sydney-based head of public relations, Laura Bramwell, told NBR ONLINE the investment bank would not comment.

Brook's prospectus amendment registered with the Companies Office yesterday – for units in its Brook Alpha, Brook Tasman, Walter Scott Global Share, Brook Premium Share and Brook Income funds – says: “This prospectus ... will be withdrawn on 3 April 2014 and will not be renewed. From that date no further offers will be made and no member of the public will be able to subscribe for new units.”

Brook was set up by Devon Fund Group principal Paul Glass with Simon Botherway and the remaining half was sold to Macquarie Group in 2007.

Messrs Glass and Botherway left the following year and Brook suffered further when Mr Glass acquired Devon Funds Management from Goldman Sachs and lured three key Brook staff – executive director Mel Firmin and portfolio managers Chris Gaskin and Slade Robertson.

That sparked a legal spat which was only settled in 2012.

The once high-flying boutique investment house shed investment funds in 2011, following further staff departures and poor returns, going from $1 billion funds under management to under $100 million.

dwilliams@nbr.co.nz


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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7569 0.0066 0.88%
AUD 0.9650 -0.0023 -0.24%
EUR 0.6755 0.0042 0.63%
GBP 0.4919 0.0034 0.70%
HKD 5.8686 0.0504 0.87%
JPY 90.3710 0.1690 0.19%

Commods

Commodity Price Change Time
Gold Index 1208.2 -6.090 2015-03-02T00:
Oil Brent 60.2 0.370 2015-03-02T00:
Oil Nymex 49.6 0.000 2015-03-02T00:
Silver Index 16.4 -0.107 2015-03-02T00:

Indices

Symbol Open High Last %
NZX 50 5892.7 5911.0 5892.7 0.02%
NASDAQ 4990.7 4996.7 5008.1 -0.81%
DAX 11424.7 11465.2 11410.4 -1.14%
DJI 18134.0 18288.6 18132.7 0.86%
FTSE 6940.6 6963.6 6940.6 -0.74%
HKSE 24984.6 24984.6 24887.4 -0.74%
NI225 18910.5 18910.5 18826.9 -0.06%