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News Round Up

Fund managers jostle for position, Macquarie tops survey, PFI sells property.

Monday, January 22nd 2001, 6:41AM

Aon's latest Investment Update shows why buying last year's performance is a poor way to make an investment decision.

Those managers who did well in 1998 or 1999 didn't fare too well in 2000 and vice versa, it says. Analysis of the last 3 years data shows that:

  • no manager is in the top 50% of returns every year.
  • 8 managers (of 13) are in both the top and bottom quartile in the 3 year period
  • Tower's "value" style and underweight exposure to overseas equities had hurt them in the period up to March 2000.

    "Since then, the change is dramatic and they have come up to second place in this survey for their discretionary fund. Colonial First State, with its "very active" style (not constrained to value or growth), came in with the best return this year, up from 12th last year, " Aon says.

    Conversely, of the top 4 managers last year - NZ Funds Management, ASB, BT Funds Management and Armstrong Jones - only BT stayed in the top quartile. ASB and AJ moved to the bottom quartile. NZ Funds moved back to the middle of the pack but hung on to the top position over 3 years.

    Macquarie tops survey


    Macquarie Bank’s Financial Services Group has topped the latest Complaints Culture Survey survey, carried out by TMI Australia. TMI studied nearly 200 organisations in six countries over the past year.

    The survey found that clients of banks as well as customers of credit unions, fund managers and other financial services organisations in Australia and elsewhere generally do worse than their counterparts in other local industries when it comes to having their complaints processed.

    According to TMI Australia, which polled more than 10,400 people around the world asking how the organisations they worked for handled complaints, most companies do not make it easy for customers if something goes wrong.

    Macquarie Bank’s Financial Services Group rated substantially better than any other company in successfully managing customer complaints.

    The survey showed people were generally reticent about making their problems known to an organisation - just one in three clients said they make a point of complaining to a product or service provider each time they have a problem.

    "The survey showed that Australians with a complaint against an organisation would rather vote with their feet and take their business elsewhere than put their hand up for service.

    PFI sells property
    Property For Industry Limited (PFI) has sold its property at 30 Bowden Road, Mt Wellington for $10.03 million.

    Proceeds from the sale will be reallocated to new investments - PFI recently announced the purchase of eight high-quality properties in Westfield, Mt Wellington for $23.15 million.

    PFI general manager Peter Alexander said the sale of the Fletcher Aluminium property represents a return of 11.53% (including a gain over cost of $142,000) since purchase (before company overhead, tax and debt). This compares to the Property Council of New Zealand Auckland industrial property index with an annualised total return for the four years to June 2000 of 11.16%.

    PFI is the only property investment company listed on the New Zealand Stock Exchange which specialises solely in industrial property.

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    AMP Home Loans 7.24 5.99 6.39 6.65
    AMP Home Loans $200k+ 7.14 5.89 6.29 6.55
    AMP Home Loans LVR <80% - - 5.85 6.29
    ANZ 6.74 6.05 6.49 6.65
    ANZ LVR > 90 6.74 6.55 6.99 7.15
    ANZ Special - - 5.99 -
    ASB Bank 6.75 6.09 6.40 6.65
    ASB Bank Special - - 5.99 -
    BankDirect 6.75 6.09 6.99 6.65
    BankDirect Special - - 5.99 -
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    BNZ - GlobalPlus 6.74 5.99 6.39 6.59
    BNZ - Mortgage One 7.15 - - -
    BNZ - Rapid Repay 6.74 - - -
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    BNZ - TotalMoney 6.74 - - -
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    Credit Union Baywide 6.45 5.90 6.50 -
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    Credit Union South 5.75 - - -
    eMortgage 6.04 6.15 6.69 7.19
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    Lender Flt 1yr 2yr 3yr
    First Credit Union 6.45 - - -
    General Finance 5.95 6.25 6.50 7.10
    HBS Bank 6.15 5.85 5.99 6.25
    HBS Special - - - 5.95
    Heartland 6.45 6.75 7.00 7.60
    Heretaunga Building Society 6.25 5.85 6.50 -
    Housing NZ Corp ▲6.74 ▼5.99 ▼6.19 6.60
    HSBC Premier 6.84 5.95 ▼5.95 ▲6.55
    HSBC Premier LVR > 80% - - - -
    HSBC Special - - - -
    ICBC 6.75 5.99 6.39 -
    Lender Flt 1yr 2yr 3yr
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    Kiwibank - Offset 6.30 - - -
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    Westpac 6.59 6.09 6.39 6.65
    Westpac - Capped rates - 6.74 6.99 -
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    Median 6.64 6.03 6.39 6.65

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