New manager snares mandates worth $225m
Harbour's managing director Andrew Bascand said the firm had won a substantial mandate from the Government Superannuation Fund, another of around $30 million from National Provident Fund, and one further mandate from a global investment fund that he declined to identify.
"These mandates are good to have, because of the due diligence that the boards went through to approve us," he said. "It's a very rigorous process, and by no means a certain outcome at all."
After establishing appropriate governance and systems over the New Year period, Harbour is now in "pitch mode," he said.
The new funds management business is made up of the old AllianceBernstein team, which helped put the AllianceBernstein Australasian High Growth fund at the top of the league table for managing New Zealand shares in 2009, with 28.5% returns, and top over five years, with 6.9% annual returns.
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