Devon 12th manager to get licence

Devon Funds Management has been granted a Managed Investment Scheme Licence. Devon manages close to $1.5 billion on behalf of NZ clients and specialises in NZ and Australian share portfolios.

Niall Hartigan, head of operations and compliance said, “Devon is delighted to have been granted a Managed Investment Scheme Licence under the Financial Markets Conduct Act 2013. While there has been significant regulatory change in financial services since the inception of the FMA, we believe that manager licencing is a very important step forward for the industry in New Zealand. Lifting the standard in funds management will benefit clients and the industry in the long term."

Other managers to gain licenses are: New Ground Capital, Harbour Asset Management, Nikko AM, AMP Investment Management, First Mortgage Managers, Grosvenor Investment Management, Mercer, Aspiring AM, NZAM, Implemented Investment Solutions and Pie Funds Management.