Stobo steers way on NZ funds management hub

Tax advisor Craig Stobo (right). Photo / Mark Mitchell

Economic Development Minister Gerry Brownlee yesterday confirmed that industry figure Craig Stobo will lead a private sector group advising the Government on how it can establish New Zealand as an international funds management hub.

Stobo will chair the International Fund Services Development Group which includes Caniwi Capital Partners chief executive Troy Bowker, Citigroup NZ chief executive Mark Fitzgerald, BNP Paribas NZ chief executive Hugh Stevens, and Tower Investments chief executive Sam Stubbs.

The group will consider what is needed to establish an international fund services industry and how to make this country an attractive fund "domicile" or base of operations for big money management firms which presently favour Ireland or Luxembourg.

The group will report back to the Government by the end of next month.

Stobo is chairman of 30 per cent NZX-owned fund management administration business Appello Services.

Prime Minister John Key has said 3000 to 5000 jobs could be created by developing and promoting New Zealand as a domicile.

Stobo has said changes to the tax system are necessary to encourage fund managers to base operations here, including a zero tax rate for non-residents who invest internationally via New Zealand domiciled funds.