Castle Point attracts investor

Castle Point partner Richard Stubbs said the company was delighted to have Johnson on board. Photo / File

An international investor has become a shareholder in Auckland-based fund manager Castle Point Funds.

AMP Ventures, the personal investment vehicle of Dominic Johnson, the co-founder of London's Somerset Capital Management, has taken a 5 per cent stake in Castle Point's owner, Raw Capital Partners, for an undisclosed sum. The investment vehicle has no connection with AMP, the Australasian financial services firm.

Johnson, whose Somerset Capital has US$6 billion in assets under management, said he had known the Castle Point team for many years and the firm was "an excellent example of thoughtful, long-term stock picking in an ever frenetic and short-term world".

"I see the New Zealand savings market as a very promising land of opportunity," Johnson said. "This makes it an exceptional environment for Castle Point to offer their clients value added, specialist products, such as their flagship Ranger Fund."

Castle Point partner Richard Stubbs said the company was delighted to have Johnson on board.

"It is fantastic to have the unequivocal endorsement of such a successful and experienced international investor," Stubbs said.

Castle Point was established by former members of the Tower investment team, Stubbs, Stephen Bennie and Jamie Young and Gordon Sims They were made redundant after Fisher Funds bought Tower's investment business for $79 million in 2013.

Guernsey-based RCP Holdings is Castle Point's largest shareholder, with a 44 per cent stake. Other investors include shareholders in Auckland-based New Zealand Assets Management (NZAM) and Castle Point's investment team.