The former Tower Investments equity team are set to launch two funds which will target equities in New Zealand and Australia.
The new fund manager will be headed by Richard Stubbs and Stephen Bennie, and will include analysts Jamie Young and Gordon Sims who, together, represent the entire Tower equity team before the business was sold to Fisher Funds earlier this year.
New Zealand Assets Management holds a 35% stake in the venture, and will run the actual business operations, while the Guernsey-based asset manager RAW Capital Partners has a 49% stake. The remainder is split evenly between the investment team.
The Castle Point Ranger Fund will incorporate equities as well as as cash, while the Castle Point trans-Tasman Fund will invest in equities only.
Castle Point co-founder Richard Stubbs says it's an extremely good time to launch a boutique equity manager in New Zealand.
He says the New Zealand financial market has seen something of a renaissance thanks to KiwiSaver and that will continue.
Mr Stubbs says there are substantial inflows into savings and a lot of that is going into equity products such as trans-Tasman equities.
