CBL chairman quits Fisher Funds

Decision ends 18-year association with fund manager.

Sir John Wells, chairman of troubled insurer CBL, has announced he is retiring as chairman and director of fund manager Fisher Funds with immediate effect.

Sir John has been a director of Fisher Funds Management since 2008 after a previous stint on the board between 1998 and 2006.

In a statement, the company said Sir John had decided to step down to allow him to focus on recent developments affecting CBL Insurance and CBL Corporation.

The fund manager said it had no exposure to CBL and would announce Sir John’s board replacement shortly.

NZX-listed CBL Corporation is in the hands of administrators after the company’s New Zealand subsidiary CBL Insurance was placed in interim liquidation by the High Court.

According to Fisher Funds’ last annual report the firm manages $7.6 billion for 260,000 clients.

In the year to March 2017 it reported a net profit of $27.9 million from fee income of $69.1 million.

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