Brook Asset Management closes

• Tweet

[UPDATED- with KiwiSaver numbers] Macquarie Bank-owned Brook Asset Management has withdrawn its offer document from the market and is winding down its funds management operation in New Zealand.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

Source: Quarterly disclosure documents for quarter ending December 31.

Comments from our readers

Sign In to add your comment