Westpac fund managers to set up own firm
(13 May 2013 – New Zealand) Westpac NZ’s fund management team will split off to set up a new boutique fund managements firm, to be known as Salt Funds Management.
The four-man team - Matt Goodson, Paul Harrison, David Oxley and Andrew Bolland - will shift from Westpac's BT Funds to their new offices on Auckland's Queen St on 24 May.
Goodson said Salt, 'the original form of wealth and money', would hit the ground running with more than NZ$650 million (A$540 million) under management through an agreement with BT Westpac.
'There is a clear preference amongst investors for boutique funds management firms, given all the incentives and motivations.
'Everything was in the right place but the problem in New Zealand is getting scale. We think we've cracked the puzzle and have a viable business from day one.'
'We're really excited about it,' he said.
Goodson, who will share a management role with Harrison, said Salt would be running three domestic equity mandates, including a dividend income fund, as well as a listed property fund.
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