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 0.7200 -0.0030 -0.41%
AUD 0.9376 0.0004 0.04%
EUR 0.6816 -0.0015 -0.22%
GBP 0.5778 0.0019 0.33%
HKD 5.5860 -0.0240 -0.43%
JPY 80.7050 -0.8030 -0.99%

Commods

Commodity Price Change Time
Gold Index 1251.4 11.930 2017-02-23T00:
Oil Brent 56.8 0.750 2017-02-23T00:
Oil Nymex 54.5 0.860 2017-02-23T00:
Silver Index 18.1 0.170 2017-02-23T00:

Indices

Symbol Open High Last %
NZX 50 7090.4 7099.6 7089.5 -0.44%
NASDAQ 5802.3 5828.1 5835.5 -0.16%
DAX 11920.9 11934.6 11947.8 -1.20%
DJI 20751.9 20795.9 20810.3 -0.26%
FTSE 7271.4 7271.9 7271.4 -0.38%
HKSE 24115.6 24121.9 24114.9 -0.62%
NI225 19232.1 19381.1 19371.5 -0.45%
ASX 5784.7 5784.7 5784.7 -0.79%