Brook fired by NZ Super
Brook Asset Management has lost its local equities mandate with the New Zealand Superannuation Fund (NZS).
Wednesday, March 4th 2009, 5:59AM
by David Chaplin
In a statement released yesterday, NZS said the decision to remove Brook “does not affect the Fund's strategic asset allocation to listed New Zealand equities”.
The NZS statement did not reveal how the Brook money would now be managed, however, when Fisher Funds also lost a similar mandate last March the fund took over the investments directly.
In a statement to the Stock Exchange concerning Mainfreight, NZS also disclosed it had fired Brook on February 27.
“Consequently, Brook Asset Management ceases to have a 'relevant interest' in Mainfreight,” the statement said.
NZS owns just over 6% of Mainfreight and also has substantial shareholdings in many other NZX-listed firms.
It is understood Brook has been under review by NZS since the departure of directors Paul Glass and Simon Botherway last November.
Fisher suffered a similar fate after the resignation of portfolio manager Warren Couillault last year.
Botherway and Glass left the firm they had formed just nine months after selling the remaining 51% shareholding to Australian investment bank Macquarie for an undisclosed sum.
Brook is primarily known as an institutional fund manager but has also made inroads into the retail market and launched a KiwiSaver product in 2007. At the end of 2007 Brook said it managed about $1.5 billion, however, latest funds under management figures were not available at presstime.
Brook, which lists 10 staff members on its website, is now headed by Mark Brighouse.
It was a finalist in two categories of the Morningstar Awards this week; KiwiSaver and Domestic Equities.
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