Dresdner has a new item on its shopping list
Dresdner RCM Global Investors, which recently bought the Jardine Fleming's New Zealand operations, has also secured a deal to take over management control of its Australian based funds.
Thursday, June 24th 1999, 12:00AM
Dresdner RCM Global Investors, which recently bought the Jardine Fleming's New Zealand operations, has also secured a deal to take over management control of its Australian based funds.
Managing director Peter Rayner says a heads of agreement deal was signed last Friday that will give it management rights to the Australian-based funds.
He also revealed that Jardine Fleming was days away from closing its New Zealand range of funds - the Masterpiece series - when Dresdner stepped in with an offer to buy them.
The Masterpiece series, which were launched about two years ago, has three funds global equities, global bonds and Asian equities and a total of about $6 million under management.
Rayner describes the Global Bond fund, which has about $4 million, as the "jewel in the crown".
Jardine Fleming used to promote a range of Australian-based funds as well as the Masterpiece funds. JF, like all other managers promoting Australian funds in New Zealand, did not reveal how much money went into the Australian funds, however it is known that New Zealand investors accounted for a significant chunk of the funds under management.
Rayner says the two deals give Dresdner the critical mass necessary to survive in the New Zealand market.
He says Dresdner is committed to New Zealand and will be providing good service from across the Tasman and it will grow the range of products.
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