Milford clients jump ship
A $1.5 million settlement with the FMA has not been the only blow to Milford Asset Management as a result of the investigation into alleged market manipulation.
Monday, July 6th 2015, 5:55PM
It has been revealed today that the manager has lost five wholesale clients, including financial services firm Mercer.
Milford has over $3 billion under management, including KiwiSaver funds.
The Milford portfolio manager involved in the FMA investigation was not a party to the recent settlement and is still facing enforcement action from the FMA.
Managing director Anthony Quirk told media the five clients had withdrawn $130 million.
He said it was manageable from the firm's point of view. "We've still got well over $3 billion under management which for a New Zealand firm is significant."
He said wholesale was just one of five areas of assets managed and the rest of them were going well.
"Even within wholesale we still have a number of loyal clients."
Milford's mandate with the NZ Super Fund, worth $281 million, is still suspended.
Mercer's managing director Martin Lewington was also not available to speak to media this evening.
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