Pathfinder Asset Management has joined a cluster of boutique fund managers with a shift to the beachside Auckland suburb of Takapuna.
Previously based in the remote North Shore hinterlands, Pathfinder’s new Lake Road office in downtown Takapuna neighbours a host of other boutiques including Pie Funds, JMIS (including Clarity Funds), and wholesale manager, King Tide.
The more than $7 billion Fisher Funds, which features TSB Bank as its largest shareholder, also has a long-established headquarters in Takapuna. Passive investment shop, Simplicity, which recently broke through $160 million under management in its KiwiSaver scheme, is likewise based in nearby Narrow Neck.
John Berry, Pathfinder director, said the “growing boutique fund hub” now rivals Auckland CBD – home of Devon, Milford, Mint, Salt and Castle Point – as an investment management destination.
Berry said the critical mass of fund managers in Takapuna should make it even more attractive for asset consultants, clients and prospects to make the journey “across the bridge”.
“Rather than battling Auckland’s notorious rush hour traffic to meet with one manager, investors can now make a day of it by catching up with a diverse range of firms in a single location,” he said.
“And for Pathfinder as manager of the Global Water Fund an office outlook with water has always been important – our previous Lake Pupuke vista has now been replaced with views of Harbour and Rangitoto.”
As well as the Water fund, Pathfinder offers retail products covering commodities, property, and global equities. In May the firm also secured an almost $50 million mandate to manage a global shares responsible investment (SRI) portfolio for Ngāi Tahu.
Berry since confirmed adviser interest justifies launching a retail version of this SRI fund, and work by Pathfinder is well under way.
He will also front up this week on a panel in Auckland when Responsible Investment Association Australasia (RIAA) releases its latest annual report on the NZ SRI market. The RIAA NZ report will be launched in two events at the KPMG offices Auckland and Wellington on Wednesday and Friday respectively.