New manager for former Renouf funds
Direct Funds Management has rebranded the former Renouf funds it now owns and appointed new managers.
Thursday, April 15th 1999, 12:00AM
The former actively managed Renouf equity funds, now under the banner of Wellington-based Direct Broking Ltd, have got new managers.Direct Broking bought the funds late last year soon after Sir Francis Renouf -the man who introduced managed funds to New Zealanders in 1960 - died.
Direct runs a sharebroking business and already has a cash management fund.
Managing director Nigel Wynn says the funds have been rebranded under the Direct Funds Management label and new prospectuses have been issued.
Also Ross Asset Management has been replaced as manager of the international equity and New Zealand Share funds.
Wynn is going to take over running the actively managed New Zealand equity fund (there are also two passive funds).
Wynn has plenty of experience as an equity manager.
He says the funds will be "more aligned with the Direct Broking philosophy." That is they will have less risk than before and they will be more conservative.
About two thirds of the NZ fund will be a core component, while the balance will be invested in trading opportunities.
A new manager for the international fund is due to be announced soon. Wynn says the changes will help add some stability and performance to the fund. In the past it had the bulk of its portfolio heavily concentrated in a few quite volatile stocks. At times it did very well and others it lagged the market.
Wynn says Direct is taking more of the funds management functions in-house to help reduce the fund's costs.
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