NZ fund manager attracts high-profile London investor
An experienced international investor has taken a stake in Auckland-based Castle Point Funds Management.
An experienced international investor has taken a stake in Auckland-based fund manager Castle Point Funds Management.
Dominic Johnson, co-founder of London’s Somerset Capital Management – which has $US6 billion in assets under management – has become a 5% shareholder.
Castle Point is owned by Raw Capital Partners (New Zealand), in which Mr Johnson has taken a stake through his UK-based personal investment company AMP Ventures (no connection with Australasian financial services provider AMP).
Guernsey-based Raw Capital Partners injected initial capital into Castle Point and took a 49% stake (through RCP Holdings) in the business, which has now been scaled down to 44%.
Castle Point principal Richard Stubbs started the boutique fund manager with fellow ex-Tower equity analysts Stephen Bennie, Jamie Young and Gordon Sims in November 2013.
Last year Castle Point’s June financial report contained an error, which caused confusion about who owned and funded it. The report was corrected by auditors and re-published after NBR ONLINE pointed out the error.
Somerset Capital Management specialises in global emerging markets, with $US6 billion in assets under management.
Mr Johnson said through a statement he has known the Castle Point team for many years and believe its members represent an example of thoughtful, long-term stock picking.
“I see the New Zealand savings market as a very promising land of opportunity. This makes it an exceptional environment for Castle Point to offer its clients value-added, specialist products.”
Mr Johnson has spent the last 16 years raising capital for various institutions in Asia, the USA and the UK including Jardine Fleming.
Calida Smylie
Mon, 09 Feb 2015
Mon, 09 Feb 2015
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NZ fund manager attracts high-profile London investor
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