Ex-Tower Investment staff set up firm

Last updated 10:41 08/05/2013

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A new boutique fund management firm is set to emerge following the departure of Tower Investments' entire equities team from new owner Fisher Funds.

Tower Investments was bought by Fisher Funds in February for $79 million.

The new firm will be named Castle Point Funds Management, and Companies Office documents show its directors and shareholders are Richard Stubbs, Stephen Bennie, Jamie Young and Gordon Sims.

Stubbs was Tower's head of equities, Bennie was equities manager, while Young and Sims were equities analysts.

The former chief executive of Tower Investments, Sam Stubbs, remains on the Fisher Funds staff but is on "gardening leave" for six months.

Richard Stubbs said Castle Point had secure backing and aimed to have a trans-Tasman equities fund available for institutional investment within two months.

As well as the four-man equities team, he said, "we hope to recruit a senior CEO in the near future".

Stubbs said naming the firm Castle Point was a conscious reference to their past at Tower - the lighthouse at Castle Point in the Wairarapa was the symbol of Government Life Insurance, which became Tower in the 1990s.

"We like the continuity and we like the imagery - castles are built to last," he said.

Tower and Fisher Funds will reprise their rivalry this evening at the Infinz industry awards in Auckland, where both are finalists for the Trans-Tasman Equities award alongside Milford Fund Management.

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- BusinessDay.co.nz

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