KEY POINTS:
High-profile fund managers Simon Botherway and Paul Glass have stepped down as directors of Brook Asset Management, sparking talk that the pair may be preparing to leave the business and set up on their own.
Botherway led the establishment of Brook in 2002 and with Glass bought the New Zealand equity investment operations of Arcus Investment Management in a friendly management buyout.
In 2004 they sold a 49 per cent stake to Macquarie Bank and in February sold the remainder of the business for an undisclosed sum. Brook managing director Mark Brighouse said Glass and Botherway were still portfolio managers at Brook but would not comment on their future with the company.
Brighouse said the pair had been directors at Brook for some time and had decided to step down because the responsibilities of the board had been "trimmed down" following the buy-out by Macquarie.
"The board management is now more about compliance, risk management and governance. We all decided it was no longer necessary for portfolio managers to be directors on the board."
Brighouse said the board resignations would allow Botherway and Glass to concentrate on running their investment portfolios.
But Botherway won't be focusing on the funds just yet. On Monday he left for a three- month sabbatical.
Brighouse said the sabbatical had been planned for some time and Botherway was not the only staff member to have taken leave of that type to recharge the batteries.
Glass and Chris Gaskin would manage the portfolios while Botherway was away.
Brook has around $1.5 billion in assets under management.
