Craigs forms team to grow funds business

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The country's largest broker has hired a new investment team in a bid to build up its $250 million funds management business.

Craigs Investment Partners, which is 50.1 per cent owned by senior staff and 49.9 per cent owned by Deutsche Bank Group, will take on four new employees from Monday next week and set up a stand-alone business.

The team will be jointly led by Andrew South, the former chief investment officer of Brook Asset Management - a boutique fund management firm which was shut months ago by owner and rival broking and investment house Macquarie.

James Ring will co-lead the team. Ring was an investment manager at Rank Group. The pair will be supported by former Brook analysts Roy Cross and Stefan Stevanovic.

Craigs said the business would be a wholly owned subsidiary but would operate under its own name.

Frank Aldridge, managing director at Craigs Investment Partners, said it had assembled a high-calibre team to drive the business.

"Andrew and James both bring proven track records and depth of experience that will grow our portfolio of funds and service our clients to the highest level," Aldridge said.

"With our growing funds under management, KiwiSaver members and balances, we see this team expanding over time".