Swasbrook gone from Foundry

Fund manager Chris Swasbrook has signalled his departure from Foundry Asset Management, but Foundry’s boss says Swasbrook’s exit is not a done deal.

Friday, October 5th 2012, 6:00AM

by Niko Kloeten

Swasbrook, formerly of Goldman Sachs JBWere, is the majority owner of boutique fund management firm Elevation Capital Management, which also features high-profile investors Craig Stobo and NZX chairman Andrew Harmos.

Swasbrook joined Foundry in 2010 in an advisory capacity and was chairman of its investment committee; he also was a minority shareholder through his company Elevation Capital until December last year.

After selling his stake he continued as chairman of Foundry’s investment committee but according to three separate sources he has now left that role as well.

Swasbrook couldn’t be reached for comment yesterday but his LinkedIn profile lists Foundry under “previous” experience, saying he worked at the company from October 2010 until October 2012.

However, Foundry Asset Management director and principal adviser Stephen Rogers has left the door open for a possible return.

“I couldn’t confirm that at this stage… we’re having some discussions,” he said when asked if Swasbrook had left the company.

“First I communicate those things to our clients and we’re in the process of doing that… I suggest you call me back on Monday.

“One thing I will say is that Chris is world-class fund manager and we will continue to use Elevation Capital funds. There are no issues at all with that.”

Foundry was created in 2009 when the former Investment Research Group (IRG) Portfolio business was bought by The Business Bakery, the limited partnership owned by 42 Below founders Geoff Ross, Grant Baker and Stephen Sinclair.

Rogers, who was previously senior investment adviser at IRG Portfolio, is now the majority shareholder in Foundry.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

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