Originally Posted by
Harrie
NZFC is both an institutional wholesale and retail broker. they also provide research and run discretionary portfolio investment and monitoring system with certain clients. Harbour asset management are a straight funds management group also working at the wholesale end of the market. FCNZ may provide funds to them to manage as part of their own discretionary portfolio arrangements with clients. So harbour may manage some of their funds in a specific market sector for example, as part of a bigger portfolio.