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News Round Up

Brook named INFINZ equity fund manager of the year; Macquarie Fusion Funds rated 'strong'; Mercer super survey finds AMP fund on top; Goldman Henry top of the US table.

Monday, May 19th 2008, 5:16AM
Brook named INFINZ equity fund manager of the year
Brook Asset Management has been named the INFINZ equity fund manager of the year for 2008.

"Industry recognition is very much appreciated – we are being judged by our peers and to be placed in first position is extremely flattering to us," said Mark Brighouse, Brook managing director.

INFINZ is the industry body for professionals working and participating in New Zealand's financial and capital markets.

The award was sponsored by solicitors Chapman Tripp and judged by consulting firm Melville Jessup Weaver. Brook held out Alliance Bernstein and AMP Capital Investors to take the award.

The award follows the recent announcement of Brook as Morningstar domestic equity manager of the year.

Macquarie Fusion Funds rated 'strong'


Standard & Poor's fund service has assigned a 'strong' rating to the June 2008 Macquarie Fusion Funds product under its new structured-product rating criteria.

The product provides investors with the ability to gain exposure to a broad selection of investments through any number of the 26 underlying- investment fund choices available. They include Australian-equity funds, international equity funds, Asian and emerging-market equity funds, alternative-asset funds, and three index funds.

Applications for the product open on May 1 2008 and will close on June 30 2008.

Mercer super survey finds AMP fund on top
Superannuation funds delivered negative returns for the second consecutive quarter, recording a median return of -4.7% for investors. Over the longer term returns were more positive with the median return for a five-year period a healthy 12% annually.

Mercer's Quarterly Survey of New Zealand Wholesale Superannuation Fund Managers showed the highest performing fund for the quarter was AMP Capital Investors Superannuation Fund, which recorded a return of -2.5% before tax and fees, while the lowest return was from Arcus Investment Management at -7.8%. AMP's fund also produced the highest return over a full year (1.9%), while BT Funds Management lagged the rest with a return of -7.0%.

With the exception of Tyndall, fund managers with a lower than average allocation to New Zealand equities tended to perform better over the quarter.

Goldman Henry top of the US table
Goldman Henry Capital Management performed better than fund managers Warren Buffet's Berkshire Hathaway, as well as some of the United States' biggest fund managers in 2007, according to latest figures.

The New Zealand fund managers' US 50 Fund delivered an audited annual return of 23.96% to its investors for the year to 31 December 2007. The fund invests in US stocks.

US 50 Fund chairman Brian Henry says the end of year performance was no mean feat. "As a fund, we have been quietly proving ourselves to the market delivering a solid track record over the long term."

Goldman Henry's US 50 Fund was launched July 19 2004 and since then has delivered investors a compounded annual return of 15.28%.

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