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Wellington-based investment team stays together

The Wellington-based AllianceBernstein funds management team led by Andrew Bascand is staying together in a new vehicle facilitated by stock broker First NZ Capital.The new business called Harbour Asset Management is a bit of a who's who of New Zealand bu

NZPA
Wed, 13 Jan 2010

The Wellington-based AllianceBernstein funds management team led by Andrew Bascand is staying together in a new vehicle facilitated by stock broker First NZ Capital.

The new business called Harbour Asset Management is a bit of a who's who of New Zealand business with Brierley Investments former executive Graeme Wong chairing the company and former Tower Asset Management fund manager Wayne Stechman taking on the role of independent director. First NZ Capital's Bill Trotter and Richard Bodman are also on the board.

US firm AllianceBernstein announced last year it will service the New Zealand market from Australia, while stressing it was not leaving New Zealand.

First NZ Capital believed it was important to keep skills and infrastructure on the ground in New Zealand and decided to support the establishment of the new company.

The fund management team staying together in the new vehicle consists of Mr Bascand, Kevin Bennett, strategist Darryl Briggs, portfolio manager Craig Stent and Oyvinn Rimer.

First NZ Capital is providing infrastructure but the new company will be a separate entity and Mr Wong is stressing that it will be independent.

The New Zealand market essentially has an existing team in a new entity in the wholesale funds management market.

Mr Wong is not commenting on likely clients for the new business.

An issue considered in setting up the business was whether having people on the ground in New Zealand added value in funds management.

"Secondly, the dynamics of investment decision making are subject to a lot of uncertainty. No one can profess to be right 100 percent of the time. A lot of the skill in the decision making tends to revolve around the balance of a team and its culture," Mr Wong said.

He said results produced by an investment team were quantifiable but the dynamics of how an investment team worked were not easy to measure.

"What we have here is a team with a track record. If you employed one of them alone would that produce the same result? It is hard to say," he said.

It was decided it was appropriate to put a vehicle together to keep a New Zealand investment team together and maintain choice in the local market," he said.

Other stock brokers like Macquarie and GoldmanSachsJBWere have funds management operations.

NZPA
Wed, 13 Jan 2010
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Wellington-based investment team stays together
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