New Zealand-based Harbour Asset Management has teamed up with Baltimore-based asset manager T. Rowe Price to launch a new wholesale global equity Portfolio Investment Entity (PIE) Fund in New Zealand.

Harbour managing director Andrew Bascand said the partnership will provide smaller-scale NZ investors tax-effective access to global growth managers.

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Under the deal, Harbour will also have access to T. Rowe Price global research.

Benchmarked against the MSCI All Country World Index, the PIE fund is a growth oriented portfolio holding around 130 stocks, of which around 15% of the portfolio will be allocated to emerging markets.

Additionally, Harbour has appointed Kendal Law as new head of sales to provide marketing support for the new T Rowe Price fund.

In his new role, Law will provide investment and marketing support for the fund with consultants, trustees and wholesale investors in NZ.

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Kendal joined Harbour from Credit Suisse Securities, where he worked for 12 years as a director in research sales with a focus on Institutional equity clients based in London and Hong Kong.

Prior to this, he worked at ING Barings in London as a director in institutional equity sales, and as an equity analyst based in Hong Kong, covering the real estate sector for BZW Securities.

"Investing in global equities using a passive index approach is one efficient way of getting diversification. But we believe that investors will benefit from exposure to sectors biased to long-term secular growth trends," Bascand added.