NZX buys FundSource

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The New Zealand Exchange (NZX) has acquired managed fund research business FundSource for an undisclosed amount.

Saturday, September 30th 2006, 6:52AM

FundSource, which was owned by David van Schaardenburg, provides fund managers and financial intermediaries both qualitative and quantitative research on over 600 investment funds including unit trusts, personal superannuation schemes and insurance bonds. Collectively, funds covered by FundSource total over $20 billion in savings and investments in New Zealand. FundSource also provides research on finance companies and credit cards.

"The acquisition of FundSource is consistent with NZX's commitment to strengthening New Zealand's savings framework - to make it easier for investors to become informed and confident and in control of their financial future," NZX chief financial officer Steve Armstrong says.

"Since inception in 1987 FundSource has secured a very strong position and brand within the managed funds industry. A number of changes that have now been proposed in relation to tax, financial intermediation and regulation will impact on how New Zealanders save and invest going forward. As such, FundSource is in a position to widen its services in a number of areas," FundSource general manager Binu Paul says.

"In that context it is a fantastic fit to have the strength of the FundSource brand combined with another powerful brand such as NZX, as a parent in the business. This is a very exciting opportunity for FundSource," Paul says.

Under NZX ownership, FundSource investment research philosophy, process and management will be maintained and operations will remain based in Auckland.

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