NZ Funds Management ownership changes
NZ Funds Management founders Gerald Siddall and Russell Tills have sold down their ownership in the business to the current managers.
Wednesday, July 20th 2011, 5:00AM 
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The current executives are led by chief executive, Richard James and chief investment officer, Michael Lang.
Siddall and Tills now own 40% of the company while James and Lang too have 40% and executive principals own 20% of the company.
There are currently 11 executive principals, with an average tenure with the company of well over a decade. It is expected that this group will grow over time.
James says Siddall and Tills haven't been involved in the day-to-day management of the business for several years.
He says the intention is that that the company will remain privately owned.
In the past couple of years the company has been going through an evolution from an investment management business to a wealth management business.
Currently it has four business units.
These include its client advisory business which provides services to independent financial advisers, its KiwiSaver business; its recently created advisory business and a fourth business which provides institutional investment management.
James says with that latter business the goal is to target mid-sized institutional investment mandates.
He describes the ownership change as being "evolutionary".
NZ Funds was founded in 1988, it has been privately owned by its management since 1992.
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