I am very pleased to announce the appointment of Bruce McLachlan as our new Chief Executive Officer to take over the reins as I retire from my executive role. Bruce will be joining Fisher Funds on 18 April 2017 and brings a wealth of experience in the financial sector as well as a passion for client service.

When we began our search for a new chief executive, we wanted someone who understood and was excited about maintaining and growing the wealth of New Zealanders. We wanted someone who would maintain our longstanding performance record and our commitment to exceptional client service. Bruce was an obvious choice for the role.

Bruce has been the CEO of The Co-Operative Bank for the past four years. Under his leadership, The Co-Operative Bank has consistently achieved top rankings in customer satisfaction and client service. Previously, Bruce worked for 10 years at Westpac NZ, where his roles included leading both its business banking and retail banking businesses; he was also Westpac NZ's acting CEO during 2008/9.

I know that you will warmly welcome Bruce and we hope you will take the opportunity to meet him during our roadshow in May/June (details to come).

As previously advised, I will continue to be a shareholder, director, member of the Investment Committee and very interested observer of Fisher Funds.

Thank you for your continued support and interest in Fisher Funds. We have an exciting future ahead of us.