Paul Morris, Portfolio Manager
Paul joined Milford in February 2016. He is the Portfolio Manager of the Milford Conservative Funds, Trans-Tasman Bond Fund, Global Corporate Bond Fund and Cash Funds. He is also Co-Manager of the Milford Balanced Funds and Milford KiwiSaver Moderate Fund. Paul has over 20 years’ experience in financial markets here and overseas. Paul held senior fixed income roles with investment banks including Merrill Lynch and ABN AMRO in London. His experience includes debt capital markets, credit trading and interest rate derivatives trading. Paul moved to New Zealand in 2009 and was Executive Director and Head of Debt Capital Markets at JBWere, before moving to Macquarie Private Wealth in 2010. Paul has a Masters in Aeronautical Engineering from Queens University in Belfast.
Ian Robertson, Senior Analyst
Ian joined Milford in 2017 as a Senior Analyst focused on fixed income investments. He is the Co-Portfolio Manager of the Trans-Tasman Bond Fund, the Global Corporate Bond Fund and the Cash Funds. Prior to joining Milford Ian worked at ANZ Bank New Zealand, most recently in the Specialised Finance team originating, structuring and executing leveraged transactions. Before returning to New Zealand in 2014, Ian spent seven years at a UK fund manager as a Credit Analyst investing in European and US leveraged loans and high yield bonds. He has also worked on advisory, restructuring and formal insolvency appointments at PricewaterhouseCoopers in Auckland and London. Ian has a Bachelor of Commerce (Hons) majoring in Finance from the University of Auckland.
How do distributions work?
Some of our funds pay distributions at set intervals. Distributions are a way for some of the fund’s returns to be paid out to investors, in the form of cash payments. The portfolio managers have set the distribution amounts at levels they feel are sustainable, given the current and expected future environment. The amount paid to each investor is based on the number of cents per unit held.
If you are investing into a fund that pays regular distributions but opt not to receive the cash, it will instead be reinvested and used to purchase additional units in that fund.
Distributions from the funds are non-taxable events and are not treated as income for tax purposes.