Managing director Carmel Fisher says the Coronet fund which it bought from Equitable recently is being changed from a trans-Tasman fund into an Australian fund.
It will be run by Frank Jasper and will have the same philosophy as the NZ Growth Fund.
That is, it will search the market for undiscovered stocks that fit the Fisher funds investment criteria and invest in them for the long term.
She says Fisher tends to look at these companies as investment partners, rather than short-term investment opportunities.
Another similar feature to the New Zealand fund is that Coronet will invest in only a handful of companies, around a dozen, rather than 30 or 40.
Fisher says the fund will be run from New Zealand. She does not anticipate that it will be difficult to do because of the buy-and-hold strategy.
Coronet will be renamed, however a new name has yet to be decided.
Fisher is also planning a fund that invests in New Zealand shares for income.
The company had looked at this some time ago and at that stage decided not to proceed, as there was a lack of interest from advisers. It has now changed its mind, as there is demand from existing investors for such a fund.
This fund will look to generate returns of around 7 to 8% annually.
Fisher says that there will be a time when the company has to stop raising money as it is getting too big for the New Zealand market. She says that this close off is still a year or so away.
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