Two former BT Funds Management staffers have set up their own business and kicked off with a mandate from their previous employer.
Paul Harrison and Matthew Goodson, who ran equities and property portfolios at BT have established Salt Funds Maangement.
They start off their business by managing "certain New Zealand equity and property portfolio" for BT.
Westpac-owned BT says "the establishment of this relationship is driven by the belief in the benefits to customers of a multi-manager approach and ensures the business objective remains the delivery of high quality, diversified portfolios to Westpac and BTNZ customers."
"The strategic appointment continues BTNZ’s move towards a fully integrated multi manager approach in the New Zealand equity and property asset classes."
“The appointment of Salt offers continuity of underlying management whilst ensuring customers have the benefit of ongoing access to the proven investment capabilities of the individuals at Salt,” BT's head of investment solutions Matthew Goldsack says.
The management of BTNZ’s core New Zealand fixed interest and cash portfolios will continue to be largely managed in-house with specialist investment management firms utilised for certain domestic income orientated funds.
Harrison said the creation of Salt will see Westpac and BTNZ clients continue to have exposure to the decades of experience of the Salt principals. “We have a deep passion for investing and are extremely excited by the long term prospects of this venture for investors”.
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