Devon Asset Management poaches three of Brook's best

It was just over two years ago that Brook lost its co-founders and then lead portfolio managers Glass and Simon Botherway after Brook was sold to the Macquarie Group in 2007.

Now Mel Firmin, Chris Gaskin and Slade Robertson have jumped ship to join Glass who is executive chairman at Devon.

Firmin was the executive director of Brook, while Gaskin and Robertson were directly responsible for managing funds holding over $1 billion in Australian equities.

Glass says the attraction for the new appointments was the chance to own equity in the business and control their own destinies.

He says Devon was working on further acquisitions to boost resources and that has been shelved since going down this route.

As previously announced, Devon Funds Group acquired Goldman Sachs JBW Asset Management in March and renamed the business Devon Funds Management Limited.

"The opportunity came up to work with these guys again and it is a great opportunity for Devon to boost resources. They're a great bunch of guys and it should be fun."

Firmin will come on board at Devon as the managing director and Gaskin and Robertson as portfolio managers.

Glass says the appointments mean Devon now has one of the largest and most experienced investment teams in New Zealand specialising in New Zealand and Australian equities.

"These appointments ensure that Devon has the resources necessary to deliver superior investment returns to our clients over time."

Glass says they will work on specific projects during their respective transition periods.

Comments from our readers

On 2 June 2010 at 7:32 am Colin said:

Hopefully people have been around long enough to see where this - serial fund manager entrepreneurship - is going. As soon as they build critical mass and receive a generous offer they will sell out (again) and the process will start all over again - Spicers, Arcus, Brook. Institutional investors please do not fall for this AGAIN. Your fund manager should make you money, not the other way around.

On 9 June 2010 at 3:52 pm John said:

Colin: At the end of the day, institutional investors need to go where they feel comfortable in the competence of those managing their assets... the entrepreneurial aspirations of the owners should be a secondary consideration.
Macquarie must feel like a bunch of dingo's: they paid way too much for Brook, right before the credit crisis, and what did they expect a crook like Glass to do anyway? A guy like Glass can patronise the strip joints for only so long before he gets a hard on for temptation once more... at least Botherway has some decency... I'd love to be a fly on the wall at the next industry social event!

Devon Asset Management poaches three of Brook's best

It's a case of déjà vu for Brook Asset Management as its former co-founder Paul Glass poaches three core investment staff for Devon Funds Management.

Monday, May 31st 2010, 9:16PM 2 Comments

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