"Future management of Australasian equities will be the responsibility of Colonial First State’s equity specialists based in Sydney," Colonial First State chief executive Bruce Abraham says.
As a result of this move the equity management position in Wellington, currently filled by Bruce Stewart, is been made redundant.
This change is being made to enable better utilisation of a larger skill base more closely associated with Australian companies.
"While the portfolio will continue to invest in New Zealand listed companies as part of the overall mix, it is likely that Australian investments may represent a larger part of our Australasian portfolios going forward," Abraham says.
"This restructure is in line with our strategy to leverage off 'centres of excellence' within the international Colonial First State group be that in Australia, the United Kingdom, Asia or New Zealand," he says.
There is no change to Australasian investment mandates or to the product investment guidelines. The retail products affected are the Tasman Shares Trust and the Tasman Developing Companies Trust, the Tasman Shares Fund from our Retirement Life Style series. CFSI's existing Australian shares trust has been managed from Sydney team since inception in 1996.
Abraham says CFSI is committed to retaining an investment management infrastructure in New Zealand.
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