PG parts ways with Castle Point founder Richard Stubbs

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.