Devon Funds Management and Macquarie-owned Brook Asset Management have reached a settlement over a dispute that dates back to 2010, when Devon set up shop as a rival "boutique'' fund manager to Brook.
The dispute centred on a decision by three staff members - Mel Firmin, Chris Gaskin and Slade Robertson - to leave Brook to take up roles at Devon.
At the time, Devon Funds principal Paul Glass said the decision by Brook to take legal action against its departing investment team was "corporate sour grapes".
In this week's statement, the parties said: "Brook Asset Management and Devon Funds Group today announced that the court case involving both of them has now been resolved.'' The statement went on: "The terms are confidential and no further comment will be made by either party.''
Glass set up Brook with Simon Botherway and the pair sold 49 per cent of the business to Australia's Macquarie in 2004.
The rest was sold to Macquarie at the end of 2008.
In 2010, Glass set up Devon Funds Management after a year-long restraint of trade agreement following the sale of the other half of Brook to Macquarie.
The trouble started when former Brook stalwarts Firmin, Gaskin and Robertson opted to jump ship, with a number of former Brook investors following suit.
Botherway is now general manager of investment for ANZ Wealth.
