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 will be withdrawn on 3 April 2014 and will not be renewed.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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Judge failed to go into case with open mind – Megaupload lawyer
- MARKET CLOSE: NZ shares fall; Chorus, A2, Genesis drop, Auckland Airport gains
- Analysts revise down Air NZ share price and earnings targets
- Lion countersues over A2 milk marketing
- Veritas slumps into loss on Mad Butcher write-offs and Nosh disappointment
Most listened to
- Chorus CEO Mark Ratcliffe on why he's leaving and the regulatory regime
- “The issues are so enormous that it all seems completely overwhelming,” says Rod Oram. “But there is movement.”
- Xero's CFO Sankar Narayan on competitors MYOB and Intuit's results
- Craigs' Mark Lister on the Federal Reserve giving the Reserve Bank a breather
- Parliamentary silly buggers is starting to dominate the activity and effort of John Key’s government, says Rob Hosking