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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Business Week in Review with Grant Walker and Andrew Patterson
- John Glengarry says the Lacoste trade mark battle has brought certainty to trade mark law
- Folded arms greet Tillerson in Mexico and travel ban update delayed, on Trump's Beltway
- Stewart Germann and Gehan Gunasekara go head-to-head on the franchising debate
- Rob Hosking rates Jacinda Ardern's chances in Mt Albert