(Pictured: Nial Gooding)
Boutique Asian equities and Australian small-cap manager Eight Investment Partners (8IP) has closed its Hong Kong office. Nial Gooding, the experienced investment manager there, is now looking to form his own boutique.
Gooding said last week that, after 20 years in Hong Kong, he would remain there and look to build a new funds management business following the 8IP decision.
Kerry Series, the founder and main shareholder of 8IP, announced in March that the firm’s backer, South African financial services group Sanlam, was withdrawing from the business and taking about $200 million in funds under management with it. It left about $30 million in the small-cap strategy, which has performed well. But the Asian equities strategy was left with mainly Gooding’s private money to manage.
Series, the CIO, who was one of the founders of what became Perennial Investment Partners and has had several senior roles at other funds management firms in Australia and Asia, bought out Sanlam’s holding in 8IP. The staff, who include the business head, Rick Steele, another experienced fund manager, own 100 per cent of the business.