KEY POINTS:
Fisher Funds' chief investment officer Warren Couillault has resigned as a director.
Couillault, who currently remains an employee with the firm, joined Fisher in 2002 and became part of the board in 2004 when he bought into the business.
He jointly manages the firm's New Zealand investment portfolios including the New Zealand Growth fund and listed Kingfish fund with managing director and principle Carmel Fisher, and also oversees investment decisions made by the company's two other investment teams.
Yesterday Fisher said Couillault remained a portfolio manager with the firm and a key player in investment decisions.
She said Couillault's decision to step down from the board was "for his own reasons".
Couillault did not return calls from the Business Herald..
Fisher put out a brief one-line statement to the market for its three listed vehicles Kingfish, Barramundi and Marlin yesterday morning saying Couillault had decided to resign.
Fisher disputed rumours that there had been a disagreement: "There has been no bust-up. It's business as usual for us."
The specialist growth fund manager, which has previously sold itself to the public on its strong performance, has been hit hard in recent weeks by volatility and big sharemarket falls.
Fisher said investment money coming into the business had slowed, but a recent survey by fund management research firm FundSource showed the firm was still doing well compared to its peers.
Fisher said investors were nervous and much of the recent stock market falls could be attributed to investor sentiment. "It's investor sentiment driving things rather than anything fundamental."
She said the firm was looking forward to the reporting season over the next couple of weeks to gain certainty about the companies it invested in.
Fisher and her husband Hugh remain directors along with Australian portfolio manager Frank Jasper, who owns a 10 per cent share in the business with his wife and Anthony Segedin.
The Fishers have a 55 per cent stake while Couillault owns just under 27 per cent with his wife Sarah. The remaining shares are owned by Ashwell Holdings, LBD Trustees and the firm's new fund manager Ken Applegate, who joined the company late last year.
An announcement on Couillault's replacement on the board is expected early next week.
Kingfish's share price closed down 8c yesterday at $1.05.
