Local boys do good
Coronet Asset Management has won international recognition and been appointed to advise on a New Zealand equity fund for Global Asset Management (GAM).
Wednesday, March 4th 1998, 12:00AM
Coronet Asset Management has won international recognition and been appointed to advise on a New Zealand equity fund for Global Asset Management (GAM).GAM has about US$15 billion under management and contracts out much of its investment operations to what it considers are the top managers.
It is adding the GAM New Zealand Equity Fund to its portfolio so offshore investors can access the New Zealand market.
While the fund will be predominantly New Zealand focussed it will also do some investing in Australia.
This listed trust is being set-up by GAM Hong Kong as an opened ended investment company (OEIC).
OEIC's are a form of investment trust that can be promoted in a number of countries, particularly European ones.
It is expected the fund will be up in running in March.
GAM currently markets a range of funds in New Zealand through a relationship with Trustees Executors.
The nearest thing to the GAM NZ Equity Fund is the New Zealand Investment Trust that is dual listed in London and New Zealand.
Exeter manages the trust and Coronet are used as advisors.
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