FNZC sells funds to Fisher
FNZC investment director Malcolm Davie says the firm has decided to exit the retail equity managed fund business as it is becoming "increasingly complex and economies of scale are critical in helping to offset the costs incurred in managing funds."
The FNZC Abacus Alpha Fund, "while delivering satisfactory relative performance, has not grown sufficiently in total size to cover the costs of managing the fund."
FNZC says it is committed to ensuring its clients investment needs are well looked after in the future and believes Fisher Funds is well placed to assist them with $850 million under management and with its investment performance "in our view proven over the long term".
Fisher Funds managing director Carmel Fisher says the Abacus Alpha Fund is being renamed the Fisher Funds Trans Tasman Fund.
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