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New Investment Management Company Started

Date: Tuesday 20 January, 2004

New Investment Management Company Started –
Milford Asset Management

An independent investment management company established to service high net worth individuals and families, charitable trusts and select institutional investors.

The Company

With major changes sweeping the financial services industry and investors questioning the integrity, independence, advice and fees charged by major financial institutions, a demand has arisen for a new full service, independent, client focussed investment management company in New Zealand.

Milford Asset Management will focus on providing investment management to high net worth individuals and families, charities, foundations and other select institutions. Structured as an independent, employee owned investment manager Milford will be free of the many conflicts of interest that exist in larger organisations.

It brings together an extremely experienced team of individuals who wish to provide a pre-eminent, wholly independent investment management service and is founded upon a core set of values and beliefs – namely integrity, total client focus, fee transparency and a commitment to best practise and quality governance.

Milford’s four directors have a combined 109 years of experience within the financial services sector and have had professional relationships with each other for much of this time. In coming together to form Milford Asset Management we have been motivated to establish an independent, professional company with a collegial partnership atmosphere that can be flexible yet focussed on growing clients’ assets in a manner consistent with the client’s tolerance for risk.

We expect that the quality and integrity of our investment decisions, coupled with our unwavering commitment to servicing our clients will set us apart in establishing Milford Asset Management in the New Zealand wealth management industry.

The Directors

Alan G. Moore ACIB London, CSAP joins Milford Asset Management as one of New Zealand’s most experienced investment managers. In a financial services career spanning 47 years Alan has most recently been an Investment Manager at New Zealand Guardian Trust personally managing a portfolio of $130 million on behalf of long standing private clients and trusts – a position he has held for the past six years.

Alan started in New Zealand as the first Investment Manager for the Accident Compensation Corporation. He then joined Westpac Investment Management as Investment Manager before becoming Managing Director of the Investment Management business in New Zealand. In his 9 years at Westpac assets under management grew from $10 million to $1 billion. He was also a Director of Westpac Nominees with assets of $2 billion. In 1988 Alan became Managing Director of Barclays Investment Services which later became BZW Investment Management.

Alan is a member of the Chartered Institute of Bankers in London and the Institute of Financial Professionals in NZ. He was a Foundation Member of the New Zealand Society of Investment Analysts.

Graeme R. Thomas BA (Canterbury), CFP joins Milford Asset Management from a position as Head of Advisory Services at ANZ Private Bank in New Zealand. Graeme has had 23 years experience in Investment Management in New Zealand starting as an actuarial student. In 1982 he joined Southpac Investment Management as an investment analyst and had a number of roles including Portfolio Manager and Equities Manager before becoming Chief Investment Officer managing a team of 15 professionals with assets committed to equities, fixed interest and property. In the 15 years Graeme was at Southpac funds under management expanded to $3 billion, with assets sourced from pension and superannuation schemes, trusts and private clients.

Graeme held subsequent roles as General Manager Financial Services at the National Bank of New Zealand, responsible for Private Banking and Managed Funds Distribution, and also as a Principal at William M Mercer as an investment consultant.

Graeme has a BA (Mathematics) from the University of Canterbury, is a Certified Financial Planner and a past Chairman of the New Zealand Society of Investment Analysts.

Neville O. Todd B. Comm (Otago) joins Milford Asset Management from a role as Managing Director of Salomon Smith Barney in New Zealand, a subsidiary of Citigroup. Neville started the firm in 1994 providing stock broking and investment banking services to New Zealand institutions and companies. In this role he was responsible for overseeing all facets of the business including company research, sales, administration of trades and ensuring that the business met all the standards of compliance and business governance required by Citigroup globally. Neville’s earlier career within the financial services industry was as a Private Client Advisor with Jarden and Co and as an Institutional Equity Advisor with the Warburg group in Auckland and Melbourne and Doyle Patterson in Wellington. Over this period he also advised major global institutions in the UK, US, Australia and Asia on New Zealand equities.

Neville has a B. Comm (Economics) from Otago University and is a past member of the New Zealand Stock Exchange.

Non Executive Director

Richard J. Somerville B. Comm (Otago), CA, ACIS joins Milford Asset Management as a non executive Director. He is a qualified Chartered Accountant with experience in the accounting profession, industry and a 25 year career in Investment Banking specialising in mergers and acquisitions. Richard was most recently Chief Executive of Investment Banking for Hambros Australia in Sydney. Previously he was a Director of Southpac Corporation in New Zealand, a subsidiary of the National Bank of New Zealand. He is a Director of a number of private companies predominantly in the rural and aquaculture sectors in New Zealand.


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