On Saturday, we covered the Herald‚Äôs ongoing publication of Brian Gaynor‚Äôs column. This is despite his firm, Milford Asset Manipulation, coming under intense scrutiny due to a complaint to the FMA from the NZX (no less) over alleged stock price management.
Hang on, I might have that wrong. I meant Milford Asset¬†Management under fire for alleged manipulation.
It¬†beggars believe that Gaynor still gets to publish his column in the Weekend Herald,¬†but I guess when you advertise heavily with NZME. (the Herald‚Äôs parent company), then the Herald gives you a get-out-of-jail free card when it comes to allegations of bad news.
Given that Milford have a mandate to buy and sell shares on behalf of the NZ taxpayer, as well as the savings of tens of thousands of private citizens in NZ, I think we¬†deserve a little more sunlight on the goings ons at this company under fire for allegations of stock manipulation.¬†Through a process of elimination we can shine a bit more light where Milford might prefer to keep us in the dark.
We know that Milford have six portfolio managers (which have been euphemistically described as ‚Äútraders‚ÄĚ), plus Brian Gaynor himself as Executive Director and Chairman of the Investment Committee, which technically makes him ultimately responsible for his team‘s behaviour.¬† Read more »