CastlePoint Funds sold (again)
PG Funds Limited, part of the Perpetual Guardian Group, has entered into an agreement to sell CastlePoint Funds Management.
Friday, June 19th 2026, 11:25AM
Picture: Devon CEO Josh WIlson. Supplied.
Devon Funds Management will acquire and manage the Castle Point Funds scheme next month subject to standard approvals. The scheme was acquired by the Group in mid-2024.
Patrick Gamble, CEO of the Perpetual Guardian Group, says, “Our primary focus has been to the people who have entrusted their savings to these funds. Every decision we have made since acquiring the Castle Point Funds scheme has been guided by that commitment and this transition is no different.”
“Since taking on these funds, our goal has been to stabilise the funds and strengthen the scheme’s foundations. We have improved liquidity, strengthened governance and operational processes, enhanced investor reporting and transparency, and put in place the structure for sustainable growth.
“Upon achieving these objectives, we undertook a strategic review of the scheme and its future direction. We concluded that the next phase of growth for the Castle Point Funds would be best supported by a manager who will continue the Fund’s ongoing development, with Devon’s specific skillset and experience adding further value.”
“This transaction allows PG Funds to continue focusing on the growth and development of our existing retail funds offering and broader investment capabilities, while ensuring Castle Point investors continue to be supported by a manager building on the strong foundations now in place. We remain committed to delivering high-quality investment solutions and long-term outcomes for our clients.”
“With a proven track record in the New Zealand market, Devon is well placed to build on the strong foundations and deliver long-term outcomes for investors.”
Josh Wilson, CEO of Devon Funds Management, says, “Our experienced team is looking forward to bringing the Castle Point funds under our stewardship and delivering long-term growth for investors. We would like to thank PG Funds for their work to date and their positive engagement throughout the process.”
All parties are committed to ensuring investors experience a smooth and seamless transition, with no disruption to their investments.
Perpetual Guardian Group is the largest and most comprehensive fiduciary services group in New Zealand, with more than 125,000 client relationships, $2.8 billion in funds under management, and $8 billion in total assets under management. The Group provides investment services to both the retail and wholesale markets, covering actively managed international equities, Australasian shares, income (mix of local fixed and Australian/NZ stocks) and alternatives.
Devon brings a strong track record of active Australasian equity portfolio management delivered by its highly qualified and experienced team. Devon has been managing portfolios and funds since 2010, and currently manages over $2.6 billion, of which $500 million is in the Devon Investment Funds Scheme. Devon is part of the Investment Services Group, which includes Shaw and Partners (NZ) and Select Wealth Management, who manage in excess of $8.5 billion on behalf of New Zealand clients.
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