About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, October 22nd, 7:15AM
rss
Latest Headlines

Brook Asset Management closes

[UPDATED- with KiwiSaver numbers] Macquarie Bank-owned Brook Asset Management has withdrawn its offer document from the market and is winding down its funds management operation in New Zealand.

Friday, April 4th 2014, 8:43AM 2 Comments

Good Returns understands that Brook will continue to manage the funds it has at the moment but has stopped taking in new money.

It will also put its KiwiSaver funds into an "orderly" wind down process rather than selling the business to another scheme provider.

Brook is one of the smaller fund managers in New Zealand and has failed to make much traction in the market, although its parent company also runs the Macquarie sharebroking business in New Zealand.

According to FundSource Brook had $128 million in funds under management as at December 31.

Good Returns understands all staff will lose their jobs in the wind down.

Good Returns has tried repeatedly to contact Brook managing director Mark Ryland but he has not returned any calls and the firm's PR company One Plus One has been contacted but has failed to provide any further information.

The firm was set up by a group of managers associated with Spicers and AXA including Simon Botherway and Paul Glass. In its heyday, before Macquarie acquired the firm, Brook had more than $1 billion of funds under management, includiing a mandate from the NZ Superannuation Fund.

After Botherway left, Glass also left in acrimonous circumstances and set up Devon Funds Management. Despite court action other key personnel defected to Devon and investors pulled money from Brook.

Brook KiwiSaver funds key facts
  FUM Members Return past year Annual
return pa
Growth $7.78 mill 285 15.43% 5.13%
Balanced $2.02 mill 115 10.60% 4.16%
Conservative $346,516 34 6.53% 5.46%

Source: Quarterly disclosure documents for quarter ending December 31.

« Portfolios 'more homogenised'IFA working on pro-bono offering »

Special Offers

Comments from our readers

On 4 April 2014 at 11:50 pm colson said:
Macquarie, who really should know better, were up against it when Messrs Botherway and Glass moved on.
On 8 April 2014 at 10:21 pm patrick diack said:
I could have taught them a few tricks on how to increase their membership numbers. How many staff did they employ?

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼4.05 ▼3.95 4.39
ASB Bank Special - ▼3.55 ▼3.45 3.89
BNZ - Classic - ▼3.55 ▼3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 4.15 4.09 4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kiwibank 5.80 4.30 4.24 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.49 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 4.50 4.86 3.89 3.94
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.65 ▼3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.49 ▼4.29 4.85
TSB Special 5.29 3.69 ▼3.49 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - ▼3.55 ▼3.45 3.99
Median 5.34 4.05 4.02 4.05

Last updated: 21 October 2019 9:16am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com