Fisher confirms departure of international managers

Fisher Funds has confirmed big changes to its international investment team, with senior portfolio manager Ken Applegate to return to the US and the company's San Francisco office to close.

Monday, May 21st 2012, 1:54PM

by Niko Kloeten

Applegate has decided to move back to the US with his family. Fisher Funds has reached agreement with him to manage its international funds, including NZX listed company Marlin Global, from the US for a minimum twelve month period.

Fisher Funds managing director Carmel Fisher said, "While we have been happy to have US-based analysts, we need our portfolio managers to be based in New Zealand so that we can get consistency, collaboration and sharing of ideas amongst the investment team. We're also aware that our clients enjoy direct and open access to our investment professionals, in the same time zone.

"We are employing a new international portfolio manager and have recently appointed a senior analyst, both to be based in Takapuna. We are confident that with Ken working with the new team, Fisher Funds' unique and time-tested investment approach will be consistently applied."

Meanwhile, Fisher Funds' San Francisco office will be closed and analysts Scott Brown and Scott Huan will leave the company at the end of May.

"The San Francisco office has been a great base for the analysts, but with Ken working from the US and the enlarged Takapuna team leveraging off each others' expertise, we no longer require additional US-based resource," Fisher said.

"We will miss Ken but are pleased that we have been able to work with him to achieve an orderly transition and take the time to find a new portfolio manager whose appointment we expect to be able to announce in coming weeks."

Niko Kloeten can be contacted at niko@goodreturns.co.nz

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