MacarthurCook picks up NZ stake
MacarthurCook has bought a stake in New Zealand property fund manager Kinloch Funds Management.
The Australian property manager has not disclosed what it paid for the stake.
Kinloch was established in May last year by Neville Todd and Mark Petersen to manage real estate and property securities funds in New Zealand.
Todd was formerly managing director of Salomon Smith Barney in New Zealand and was a founding director of Milford Asset Management.
Petersen has more than 30 years experience in Australasian property markets and is also a director of CentrePort and Wellington Waterfront.
MacarthurCook managing director Craig Dunstan said the acquisition expanded the fund manager’s operations across the Tasman for the first time.
“We see significant growth potential in the New Zealand savings industry and with it an emergence of new funds that specialise in direct and indirect real estate assets,” he said.
“The acquisition complements MacarthurCook’s existing business activities in Singapore and the United States and continues our strategy of expanding our presence in real estate and capital markets internationally.”
MacarthurCook has about 41.5 billion in funds under management and is an investment manager for 13 property funds.
The Australian fund manager is 18 per cent owned by Ascalon Capital Managers and MacarthurCook directors and staff own 15 per cent of the listed company.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
