Carmel Fisher seeks investor

By KRIS HALL - Businessday | Monday, 25 August 2008

Fisher Funds Management boss Carmel Fisher is looking to offload shares in the firm after using a loan to buy out former chief investment officer Warren Couillault.

But the managing director says she will only relinquish a minority shareholding in the company to someone capable of adding a new dimension to the existing crop of investment managers.

Ms Fisher and husband Hugh bought Mr Couillault's 27 per cent stake in March following his acrimonious departure from the Auckland-based outfit. The couple currently hold 83 per cent of the company; the remaining 13 per cent is held by other senior staff at Fisher.

"If we can find some investment talent with skills we don't have then we would look to sell them a minority stake,'' she said. "I like our investment team having some skin in the game and owning shares in the company.''

Ms Fisher is in no hurry to add to her existing team, despite pledging over half of the company's 10,000 shares as security against a personal loan she took from the ASB to purchase Mr Couillault's stake in the business.

"We started off with 100 per cent ownership [when we launched Fisher Funds in 1998] ... looking at the long term picture, it would be great if we could find another shareholder over time who can bring some value to the company.''

Fisher Funds is home to seven funds, including three that are NZX-listed, and holds more than $750 million worth of funds for some 20,000 investors. It also manages personal accounts for 13,000 KiwiSavers.

Volatile market conditions would not hinder or speed up the search, says Ms Fisher, because "the markets are always volatile.''