Australian-based firm EquitiLink late last year pulled back from the retail fund management business in New Zealand as it was making little headway, now it is on the verge of launching a fresh assault on the market.
Marketing manager Paul Lyons says EquitiLink has been studying the New Zealand market closely and it will progressively roll out its plans for the market over the next 12 months.
He says the market in New Zealand is quite different to Australia and it has its own idiosyncrasies.
"You can't apply the same recipes," he says.
Last year EquitiLink in Australia made a strategic decision to pull back from the retail market and aim to be a niche wholesale fund manager in sectors where it has expertise, namely resources, Australian industrial companies and Pacific fixed interest.
The company's goal is to increase its funds under management from the current level of A$5.2 billion to A$10 billion mark by 2000 then "basically close the doors."
"We want to play to our core strengths," Lyons said at the time. "We can't be all things to all men."
Now though the company is planning to tackle the New Zealand market in a different way to the Australian one.
Lyons won't give details at the moment about how it will do this, but he promises EquitiLink will be making a big commitment to New Zealand, and the company is going to approach the market a lot differently to other fund managers.
"New Zealand is a very important market for EquitiLink. The company believes its international investment expertise can consistently bring value to New Zealand investors as well as long term benefits to the New Zealand economy."
The first announcement in EquitiLink's renewed New Zealand assault is the appointment of former FPG Research executive director Richard Flinn as general manager.
EquitiLink has been offering funds in New Zealand for the past 10 years and has gathered about $50 million in funds under management.
Australian-based firm EquitiLink late last year pulled back from the retail fund management business in New Zealand as it was making little headway, now it is on the verge of launching a fresh assault on the market.