Fisher Funds, the fast-growing KiwiSaver provider and manager of listed investment funds, has confirmed the departure of its global equities investment team.
Ken Applegate, senior portfolio manager for the NZX-listed Marlin Global fund, is to return to the US where he will continue to manage Fisher's international funds including Marlin for a period of 12 months, the firm said.
Fisher Funds will close its San Francisco office with the departure of analysts Scott Brown and Scott Huan at the end of this month.
Managing director Carmel Fisher said she expects to announce a new portfolio manager in coming weeks. With Applegate returning to the US, "we no longer require additional US-based resource," she said of the San Francisco office closure.
The departures were flagged last week in nzherald.co.nz's Inside Money column, which said Applegate and Scott Brown had joined Fisher in 2007 at the time it was launching its KiwiSaver product and seeking to diversify from Australasian equities.
Shares of Marlin last traded at 70 cents and have declined almost 30 per cent in the past 12 months.