Milford Asset Management (Milford) is pleased to announce that Anthony Quirk has been appointed Managing Director. This position has been newly created within the firm as Milford positions its business for the current, and expected, strong growth in its funds under management.

Anthony has more than 25 years experience in the investment industry and joined Milford in 2007. As Managing Director he will have overall responsibility for the company’s business activities.

In commenting on the appointment Richard Somerville, Milford’s Chairman, stated: “we are delighted at Anthony’s appointment as he brings considerable experience to the role, including successfully growing funds management businesses, and has made a strong contribution to Milford in many areas of the business. The appointment reconfirms Milford’s commitment to reinvest into its business to ensure we offer top quartile investment performance and excellent service to our clients. Milford has excellent people, processes and systems in place to achieve this and Anthony will provide additional impetus as we look to grow further after a very strong rise in our funds under management over the past year.”

Prior to joining Milford in 2007 Anthony was Managing Director at Tyndall Investment Management. Tyndall had $3.6 billion under management at the time of his departure and was INFINZ Fund Manager of the Year in both 2005 and 2006. He was appointed General Manager of ANZ Funds Management in 1993 and helped grow the funds under management from $400 million to more than $2 billion at the time he left in early 2000.

Anthony is a Fellow of the Institute of Financial Professionals New Zealand and is a current board member of that organisation. He has previously been Chairman of the Asset Management Advisory Board of the New Zealand Exchange, member of the Financial Reporting Standards Board of the New Zealand Society of Accountants and Deputy Chairman of the New Zealand Society of Investment Analysts.

Milford Asset Management currently has over $560m of funds under management, up more than 130% from the same time last year. Funds growth has been strong across all areas of its business including:
– The Milford Aggressive Fund, which is one of New Zealand’s fastest growing unit trusts and is now a $74m fund. The Aggressive Fund has achieved a 32.8% return to 28 February 2010 (after fees and before tax) since its launch as a tax efficient Portfolio Investment Entity (PIE) on 1 October 2007. This compares with a fall in the New Zealand sharemarket (NZX 50 Gross Index) of 26.1% in that period. This fund is managed by Brian Gaynor, supported by the very experienced members of the Milford Investment Committee.
– Milford’s KiwiSaver offering (the AonSaver AMT Milford KiwiSaver Aggressive Fund) has the same investment portfolio as the Aggressive Fund making it one of the top performing funds in the market since KiwiSaver started. This is another area of strong growth for Milford.
– Balanced investment portfolios managed for individuals, family and charitable trusts and company superannuation schemes. Milford’s avoidance of finance company debentures, mortgage funds, unlisted property funds and CDO based products has contributed to the investment returns in this area as well as helping to generate strong new levels of business.
– Wholesale New Zealand or Australasian equity mandates. Milford’s strong domestic equity team, investment process and performance have contributed to a significant lift in funds under management in this segment including the recent appointment by the Guardians of New Zealand Superannuation.

Contact Richard Somerville, Chairman, Milford Asset Management
Phone: 027 2100 685