News Release 15 May2008

Goldridge Appoints Joe Byrne To Its Board

Leading independently owned investment advice and financial planning company Goldridge Wealth Management (Goldridge) has appointed Joe Byrne to its board of directors. Byrne, who was Goldridge’s Investment Manager, now has responsibility for the leadership of the company’s investment analysis and research team and becomes its Investment Director.

Goldridge’s Chairman Daniel Mintz said, “Joe’s appointment is consistent with our commitment to quality investment analysis and research, and reflects the importance we place upon research within the company.”

Byrne emigrated to this country in 2005 from London and has a BA in accountancy and information systems from the City University of New York at Queens College, New York.

He joined Goldridge in early 2006 as Investment Manager. His previous experience includes working primarily as an analyst in New York with KPMG, Lehman Brothers and Moore Capital Management. In 1998 he was appointed a Fixed Income Derivatives Trader with Moore Europe Capital Management in London and then headed the Fixed Income Execution desk in 2001.

Byrne is a member of the Institute of Financial Advisers (IFA) and chairs Goldridge’s investment panel which oversees and approves the investments recommended by the company’s advisers.

Mr Mintz says, “Recent events have affected investors and advisers alike. That aside, the company has experienced good growth over the past four years, during which time funds under our investment platforms have more than trebled. Over the same period the number of Goldridge advisers has increased from 12 operating from eight locations to 26 operating from 18 offices in 13 locations throughout New Zealand.”

His view is that the recent changes to the regulatory regime will result in further consolidation as advisers seek to become associated with groups that have the necessary scale and infrastructure to provide a higher standard of service and the quality of advice now expected by investors.

“Few financial advisers can afford the systems to effectively analyse portfolio performance or are able to invest in the necessary in-house skills and experience to complement those systems. Investors increasingly expect their advisers to understand and capitalise upon changes in the investment space as they unfold, and at the same time advisers need to be confident that they can substantiate the advice they provide.

“Current events highlight the importance of a better understanding of long term savings needs and a more complex market and diverse investment vehicles. They have led to a greater appreciation of the type of service provided by Goldridge’s advisers,” Mr Mintz said.

ENDS

www.goldridge.co.nz