A funds management business associated with accountancy firm, Staples Rodway, is looking to branch out into the wider market with a global ‘best of breed’ and product ‘repackaging’ offer.
Recently repackaged itself as GSR (formerly known as Gottex Staples Rodway), the funds business plans to launch two or three new ‘best of breed’ international products by December, according to CEO of the venture, Guy Holroyd.
Holroyd told the Heathcote Investment Partners ‘Meet the Managers’ roadshow last week, the group intended to roll out the products, backed by marquee managers, in global asset classes including concentrated equities, an “unconstrained” fixed income, and infrastructure.
“We’ll do a beauty parade followed by due diligence – which will be a quant-based exercise, with guidance from Morningstar,” he said.
Following the initial stage, GSR would conduct operational and legal due diligence on the selected managers. Holroyd said potential managers include Franklin Templeton and Legg Mason.
Currently, GSR markets an Australian-domiciled BlackRock multi-asset growth fund – structured as a NZ dollar-denominated PIE – that manages about $17 million on behalf of Staples Rodway clients.
Holroyd said GSR hoped to expand the range of global managers structured specifically for NZ-based investors.
Staples Rodway launched its international fund arm in 2011.
Holroyd owns about 66 per cent of GSR with Staples Rodway taking up the remaining shareholding. The company restructured this March after Staples Rodway ended its relationship with the former underlying manager, Gottex.
Earlier this year Staples Rodway entered into a joint venture with SBS Bank to manage its KiwiSaver and investments business.
As well as pushing out the existing and planned ‘best of breed’ global GSR funds to the wider advisory market, Holroyd said the company would also offer a “packaging solution” for other international fund managers looking to enter the NZ market.
He said GSR would work with advisory groups that wanted to access global managers structured as PIEs. All GSR funds would also be NZ dollar-denominated.
“We’re working with a couple of advisory groups already,” Holroyd said. However, he said any potential white-labeled funds would require a minimum $10 million initial commitment before GSR could consider them.
GSR back-office partners include MMC, Public Trust and DLA Piper.