Westpac appoints Salomon
Westpac Financial Services has decided to follow the industry trend and appoint an external manager for its International Fixed Interest Trust.
From January 5 management of the trust moved from Westpac to Salomon Brothers Asset Management Ltd.
The move reflects the trend for offshore funds to be managed offshore and it reflects Westpac's "unease with a single resource managing both fixed interest portfolios."
"The appointment of Salomon will enable our fixed interest manager Michael Mitchell to now focus exclusively on the management of New Zealand fixed interest sector," Westpac national client relationship manager Glenys Wilson says.
The change of manager is also expected to lift the fund's performance.
She says Salomon specialised in multi-currency, fixed interest portfolios, and has about US$3.6 bill under discretionary management in this sector.
Its strengths are its extensive research capabilities, its sophisticated quantitative analysis and its unique approach to the measurement and monitoring of risk.
Westpac will continue to manage the fund's currency exposure.
Another Ozzy withdraws
Another Australian fund manager has pulled back from the New Zealand market.
Colonial subsidiary First State has withdrawn its retail prospectus in New Zealand and can no longer accept new money from investors.
Instead investors can gain access to its management expertise through First State's strategic alliance with fellow Colonial subsidiary, Joseph Banks.
First State was contracted to manage the Joseph Banks Australian Equity Trust last year. Now it is actively involved in managing the assets of the Joseph Banks Tasman Select Equity trust, Tasman Equity superannuation plan and Joseph Banks Resources Trust.
The alliance combines First State's management expertise with Joseph Banks products, brand and administrative services.
"We firmly believe that this partnership will offer the New Zealand financial planning community an ideal combination of proven international equity management expertise and extensive local experience," First State chief executive Chris Cuffe and Joseph Banks chief executive Bruce Abraham say.
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