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Euroz launches fund manager

STOCKBROKING firm Euroz has diversified its operations by launching a fund management arm and announcing plans to raise at least $35 million for a new investment company. Euroz’s executive chairman, Peter Diamond, said the long-term aim for Westoz Investment Company was to raise $150 to $200 million and list on the Australian Stock Exchange within two to three years. The investment company will have a similar focus to Euroz’s broking operations, targeting small to mid-cap Western Australian companies. Mr Diamond said the stock market was near its peak and therefore he expected Westoz would hold liquid investments for 12-18 months until attractive buying opportunities emerged. It will be an ‘absolute return’ fund, targeting consistent positive returns from its portfolio. The establishment of Westoz is a small step in slowing the dominance of Sydney and Melbourne in the fund management business. Another local fund manager is Entrust, established by former Hartleys broker Graeme Yukich. Its operations include the recently established Entrust Investment Fund, which presently has $12 million under management. Euroz has recruited Phil Rees, who spent several years with the Government Employees Superannuation Board, to run its funds management business. It has also appointed former BankWest managing director Terry Budge as a non-executive director.

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