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Fisher closing one fund, opening another

Tuesday 18th of September 2007

As Good Returns correctly reported earlier this year Fisher is closing its NZ share fund to new investments.

The fund is being closed "to preserve investment returns and maintain our investment style," managing director Carmel Fisher says.

Since its launch in 1998 the fund has achieved a compound average return of 18.1% annually.

It is now looking to add to its school of funds. The company is "considerting making an offer of shares to the public" for a fund called Marlin.

Money raised in the Marlin offer would be used to invest in a portfolio of international growth companies (not companies listed in New Zealand or Australia). The portfolio will be managed by Fisher Funds with the same investment style as Fisher Funds' other listed investment companies, Kingfish and Barramundi.

Details of the Marlin offer should be announced shortly.

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Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
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FMA outlines its latest expectations for advisers
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