Devon Asset Management poaches three of Brook's best

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It's a case of déjà vu for Brook Asset Management as its former co-founder Paul Glass poaches three core investment staff for Devon Funds Management.

Monday, May 31st 2010, 9:16PM 2 Comments

by Jenha White

It was just over two years ago that Brook lost its co-founders and then lead portfolio managers Glass and Simon Botherway after Brook was sold to the Macquarie Group in 2007.

Now Mel Firmin, Chris Gaskin and Slade Robertson have jumped ship to join Glass who is executive chairman at Devon.

Firmin was the executive director of Brook, while Gaskin and Robertson were directly responsible for managing funds holding over $1 billion in Australian equities.

Glass says the attraction for the new appointments was the chance to own equity in the business and control their own destinies.

He says Devon was working on further acquisitions to boost resources and that has been shelved since going down this route.

As previously announced, Devon Funds Group acquired Goldman Sachs JBW Asset Management in March and renamed the business Devon Funds Management Limited.

"The opportunity came up to work with these guys again and it is a great opportunity for Devon to boost resources. They're a great bunch of guys and it should be fun."

Firmin will come on board at Devon as the managing director and Gaskin and Robertson as portfolio managers.

Glass says the appointments mean Devon now has one of the largest and most experienced investment teams in New Zealand specialising in New Zealand and Australian equities.

"These appointments ensure that Devon has the resources necessary to deliver superior investment returns to our clients over time."

Firmin and Robertson start on 1 July and Gaskin starts on September 1.

Glass says they will work on specific projects during their respective transition periods.

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

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