New owner for Goldman Sachs fund

High-profile fund manager Paul Glass has bought Goldman Sachs JBWere's New Zealand retail investor fund for an undisclosed sum.

Glass has set up a new firm Devon Funds Management which will oversee more than $35 million of in Goldman Sachs JBWere Asset Management (NZ).

The fund has about 750 clients and is in two main unit trusts invested in Australasian equities. That strategy would be continued, he said.

Glass was one of the founding partners in Brook Asset Management but he and co-founder Simon Botherway sold the business at the end of 2007.

They worked for the company under contract for a year and Glass had been under a restraint of trade until last week.

Goldman Sachs JBWere country head Andrew Barclay said he believed the sale of the asset management business to a highly respected domestic fund manager created an opportunity to enhance the asset management offering to the market.

During his 20 years in the industry Glass has managed a succession of well-performed funds.