tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Sunday, November 10th, 11:15AM

News

rss
Latest Headlines

PG parts ways with Castle Point founder Richard Stubbs

Perpetual Guardian Investments has already severed ties with Castle Point founder Richard Stubbs and is negotiating the possible departure of another founder, Stephen Bennie, but the two other founders, Jamie Young and Gordon Sims are staying.

Thursday, June 13th 2024, 6:59AM

by Jenny Ruth

The move follows the sale of Castle Point to Perpetual Guardian earlier this month.

Castle Point's funds had been using Heathcote Investment Partners for distribution and Heathcote organised a webinar with PG Investments chief investment officer Tim Chesterfield to discuss the changes planned under the new ownership.

PG Investments already manages $2.5 billion of wholesale funds and is looking to break into the retail investment market, which was the attraction that Castle Point, which has $300 million in funds under management, brought because it already the necessary licences and operations people.

Chesterfield told the webinar that his PG Investments team now has eight people, all of whom were previously at Castle Point – PG plans to continue using the Castle Point brand and has no plans in the short to medium term to retire it, he said.

PG Investments has four diversified asset allocations based on nine single-sector funds and one fund that invests in global alternative investments while offering daily liquidity, Chesterfield said.

The firm is independent of the Perpetual Guardian parent company, which has total assets of $8 billion, to which it offers investment services on an arms-length basis, he said.

“Instead of them telling us what they wanted, we're looking out our best foot forward to provide services to the market” and the parent can choose whether to use the investment arm's services, he said.

PG Investments itself uses the services of international managers, including Blackrock and UBS: “We don't do everything ourselves …. we don't need to be all things to all people,” Chesterfield said.

Chesterfield said he is now responsible for the Castle Point portfolio with the assistance of Young and Sims.

“My principal driver right at this minute is to stabilise the ship,” he said.

Castle Point's investment performance has been negative recently and it also suffered the loss of the BNZ mandate to Harbour Asset Management when BNZ parent, National Australia Bank, formed an alliance with Harbour parent Jarden to form First Cape.

It reported a $25,297 loss for the year ended March 31 after a $905,837 profit the previous year, largely reflecting a loss of performance fees in the latest year.

“I'm not willing to tolerate another 12 months of negative returns believing that the market will necessarily come back to us,” Chesterfield said.

So, he is “critically looking at all the assets in the portfolio” and will look at ways to mitigate further downside, but it won't be a wholesale move away from the Castle Point strategy.

“It will be a measured approach for the re-deploying of existing capital” with the aim of generating “outsized returns within a controlled framework.”

Tags: Perpetual Guardian

« FMA sues Booster over wine investmentsAgainst all odds? Investment markets punch out strong returns amid share market bounce »

Special Offers

Comments from our readers

No comments yet

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
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 ▼6.75 ▼6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 ▼6.49 6.49 6.49
TSB Special 7.89 ▼5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 ▼6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

Last updated: 8 November 2024 2:46pm

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