Another German bank has struck the local funds management industry, but this time on a much smaller scale than Deutsche Bank's purchase of Bankers Trust.
Another German bank has struck the local funds management industry, but this time on a much smaller scale than Deutsche Bank's purchase of Bankers Trust.
Dresdner RCM Global Investors has done a deal to buy Jardine Fleming's Masterpiece series of funds in New Zealand.
As a result of this purchase Jardine Fleming will close its office in Wellington and the three key staff, John Carpenter, Heather Lucas and Kerrie McEwen have been made redundant.
Dresdner's Sydney-based business development manager Julie Rigoni will look after the New Zealand market. (Former Dresdner national marketing manager Noel Hough is now working with HSBC in Australia).
Dresdner managing director Peter Rayner says he is "seriously committed to the New Zealand market" and the firm has plans to expand the Masterpiece series and "aggressively" promote it.
Currently, Dresdner offers two funds in New Zealand - the International Opportunities and Tiger Opportunities trusts.
JF's Masterpiece series, which was launched about two years ago, has three funds global equities, global bonds and Asian equities and a total of about $6 million under management.
Rayner says another three or four equity funds maybe introduced to the market.
The sale comes at a time when Jardine Fleming has been refocusing its business lines globally on its core area of discretionary funds management, as opposed to retail funds management. One of the more recent examples of this was the establishment of Jardine Fleming Capital Partners in Melbourne last year.
After JF Capital Partners was established ANZ's equity managers in Australia defected to the new business.
Dresdner is planning a series of roadshows in New Zealand starting in Auckland on June 21. Dates and venues will be posted in the diary section of Good Returns as soon as they are available.
Another German bank has struck the local funds management industry, but this time on a much smaller scale than Deutsche Bank's purchase of Bankers Trust.