Perpetual Guardian Shifts Strategy Post-Castle Point Acquisition

Perpetual Guardian Investments, after acquiring Castle Point, has cut ties with founder Richard Stubbs and is negotiating with Stephen Bennie. Founders Jamie Young and Gordon Sims remain. The acquisition, aimed at entering the retail investment market, adds NZ$300 million in funds under PG Investments' NZ$2.5 billion portfolio. PG's CIO, Tim Chesterfield, emphasized stability and maintaining the Castle Point brand.

He is critically assessing the portfolio to improve performance after recent losses. PG Investments, independent from its $8 billion parent company, collaborates with international managers like Blackrock and UBS. Despite recent negative returns and losing the BNZ mandate, Chesterfield aims for measured capital redeployment to generate substantial returns within a controlled framework.

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