News Round Up

AMP combines teams, Waltus confident, Beware bogus brokers, Col trust beats forecasts, UDC's new rates.

Saturday, August 26th 2000, 12:00AM

AMP has decided to combine its two asset management companies under the name of Henderson Global Investors, endorsed as "An AMP Company".

However, in New Zealand and Australia the company, formerly known as AMP Asset Management, will be AMP Henderson Global Investors.

"We will operate as AMP Henderson Global Investors in Australia and New Zealand to retain and build on the strong brand equity attached to AMP and, at the same time, to build awareness of Henderson in these markets," managing director Richard Yates says.

AMP has recently launched eight of Henderson's UK unit trusts in New Zealand.

Yates says Henderson Global Investors will be the international product manufacturer for all AMP business units.

Waltus confident

Anyone with an ounce of cynicism could be excused for thinking that Waltus was struggling to get the necessary approval for investors for the proposal to merge 29 of its property syndicates into one.

Firstly, the company postponed the series of special meetings needed for the merger a fortnight.

Secondly, the company ran a prominent advertisement in Saturday's Business Herald naming 14 financial planning firms that supported the proposal.

Waltus director Shayne Hodge says the decision to postpone the special meetings had nothing to do with proxies running against the vote.

In fact he expresses confidence the necessary approval, for all the syndicates will be given.

The meetings are being held at WestpacTrust Stadium in Wellington on September 5. The first meeting will start at 9.30am and 15 minutes has been allowed for each of the 29 meetings.

Beware bogus brokers
The Securities Commission says overseas brokers, many of which may not be bona fide, are actively trying to sell investments to New Zealanders.

It is strongly advising people "not to put themselves at risk by entering into transactions on the basis of telephone calls from strangers."

"If you wish to buy shares in an overseas company then you are better advised to do this through brokers based in this country who are accountable under New Zealand law," commission senior executive (operations) Norman Miller says.

The commission has named five firms it says do not supply adequate information about themselves under New Zealand law. They are: Transglobal Consultants Ltd, Dragon Pacific Company Ltd, Atlantic Pacific Securities (Australia) Pty Ltd, Benson Dupont, and Muller and Sons Securities Management Inc.

Colonial's property trust exceeds forecasts
Colonial First State Property Trust has beaten its prospectus forecast for the three months to June 30 by $486,000.

The company says its net surplus for the period is $3.82m and it will be making its first interim distribution on September 22. The gross distribution of 2.67 cents per unit is made up of 2.45c cash and 0.22 imputation credit.

The distribution equates to an annualised gross yield of 10.68%, which is 0.28% higher than forecast.

Latest Deposit Rates
UDC has changed the rates on some of its investment products. The rates, effective from August 28, are:
Secured Term Investment One Year term 7.1% (min $25,000)
Telephone call account 6.15% ($100,000 plus)
3 Year Secured Term Investment 7.35% (minimum $75,000)
For other rates click here

Watch out for the new and improved Good Returns next Monday.

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