Fisher and Morrison launch first fund
Fisher Funds is about to start promoting an infrastructure fund with its new cornerstone shareholder Morrison and Co.
Monday, December 1st 2008, 5:20AM
The fund will be promoted by Fisher, and managed by Morrison and Co, which also manages listed company Infratil and money for the NZ Super Fund.
Morrison & Co has more than $4 billion in assets under management with more than 20 senior industry experts and transaction specialists “on the ground” in New Zealand, Australia, Europe and the USA.
Fisher says the fund will be a PIE compliant, New Zealand unit trust and will invest in infrastructure assets globally. She says it has the ability to invest in both listed and unlisted assets, however will stick with listed infrastructure to start with.
She says the fund will be built around a series of “mega-trends” that support attractive long term returns from infrastructure assets. Two of these are: US electricity transmission and European airports.
The fund will be able to own the same assets as Infratil, she says. It is expected to own between 10 and 15 stocks which is more than what Infratil holds.
Fisher says this fund differs from other infrastructure offerings as it is New Zealand domiciled and doesn’t have any debt.
She says the fund appeals to all sorts of investors as it offers both income and capital growth. The target is for a 5% net annual yield.
She says these sorts of funds have good predictable earnings making them attractive investors.
While no predictions are made on the fund’s performance, Infratil have generated a total return of around 18% annually over the past 10 years.
As part of the process Morrison staff will join the Fisher investment committee, which will be responsible for vetting assets selected for inclusion in the portfolio.
Fisher says Morrison and Co have plenty of experience as asset managers, but haven’t been in the funds management space like her firm.
Fisher says a roadshow is being planned for early in the New Year.
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