Glass plans to have NZ’s biggest investment team at Devon Funds
Paul Glass, whose new Devon Funds took over Goldman Sachs JBWere Asset Management, hopes to have the largest investment team in the country.
Thursday, April 22nd 2010, 11:45AM
by Paul McBeth
Speaking at an Investment Store roadshow for advisers in Wellington, Glass said he was reinvigorated and keen to get back into fund management after his year's ‘gardening leave' following the sale of Brook Asset Management to Macquarie Bank. Steve Walker will stay on as the portfolio manager and will continue to oversee the Trans-Tasman Fund.
Glass said that he did not plan to make too many changes to the Trans-Tasman Fund, which had outperformed its index by 4.33% since Walker took over, though he did want to cut the number of stocks it was exposed to. It is at the top of its 15 to 35 stock range, and Glass said he would be more comfortable at 25 stocks across Australia and New Zealand.
He flagged a new offer for next month that will concentrate on 10 to 15 stocks in Australasia with a cap of $200 million, with further funds likely in the future once the firm has more resource.
"When we have the resource, we'll look at further funds - a pure Australian fund, a pan-Asia and a global energy fund at some stage," he told advisers.
Glass also indicated he and independent director Brent Impey, the former MediaWorks chief executive, would soon be joined on the board by an experienced industry professional.
Devon Funds has $40 million under management, with additional commitments of more than $20 million.
Paul is a staff writer for Good Returns based in Wellington.
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