Australia-based fund managers opening New Zealand branches is commonplace but a home-grown fund manager is going against the tide and opening a Sydney office.
Milford Asset Management will be posting three of its staff to Sydney to develop its in-house analysis of Australian stocks.
Milford managing director Anthony Quirk said his company's portfolio of Australian stocks was becoming increasingly sizeable, with about $600 million of the $2.7 billion it managed being invested in Australian companies.
"It's, we think, a natural evolution for our business. We've been growing very strongly in New Zealand but we are having an increasing amount invested into Australia," he said.
Sydney was the natural choice as many of the companies were based there, Mr Quirk said.