EquitiLink Investment Management is the latest fund manager to quit the New Zealand market.
Although EquitiLink manages more than $A7 billion on behalf of investors in the United States, Australia and New Zealand, it is a small player in the local market.
Last year, the firm sold its retail managed funds business to Challenger International so it could concentrate on offering its Australian equity fund to the wholesale market.
Its main client in New Zealand was the Aegis wrap account.
Out-going general manager Richard Flinn says while progress was slow it was being made.
In the end EquitiLink decided the New Zealand market was "essentially not big enough".
Retail investors in New Zealand can still access EquitiLink’s investment management expertise via Challenger funds.
Flinn says EquitiLink’s sole business is now wholesale investment management, and the firm will continue to service its New Zealand clients from Sydney. It intends to maintain a current investment statement and its exemption certificate with the Securities Commission which allows it to offer funds in New Zealand.
Flinn is leaving the firm and plans to do some consultancy work.
EquitiLink Investment Management is the latest fund manager to quit the New Zealand market.