Top trader leaves firm after audit

A top-level trader with brokers Forsyth Barr, Stephen Loomans, left the firm yesterday after an internal audit uncovered what management describe as "inappropriate activity" in the firm's wholesale funds business.

Loomans, head of Forsyth Barr's fund management operations, was based in the Dunedin office of the nationwide sharebroking and funds management firm.

Forsyth Barr managing director Neil Paviour-Smith said the stock exchange and the Securities Commission had been informed "as a matter of courtesy". The matter did not come under NZX rules.

The activity involved only Forsyth Barr Funds Management's wholesale funds. No retail clients were involved, he said.

Loomans could not be reached for comment.

- NZPA