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News Round Up

Cullen fund provides options for investors, Green fund raises $246 mill, CHH wins its laurels.

Monday, April 2nd 2001, 1:18AM

New Zealand investors will get access to some of the latest trends and products in the global investment scene if the Government is successful in getting its new superannuation scheme off the ground.

"The New Zealand Superannuation Scheme, because of its large expected size, will allow into New Zealand some features of global investment, which previously have been uneconomic to deliver here," Colonial First State Investment Managers chief investment officer Mike Gibbs-Harris says.

"The fund should be of a size to allow alternative investments such as venture funds where current funds’ small size makes these uneconomic."

"There may be an opportunity to revive the moribund New Zealand derivatives market, particularly if there is a strong demand for transitional management or tactical asset allocation (TAA) during the Cullen Fund’s life," he says.

Green fund raises $246mill


Jupiter Asset Management says it has raised £69 million ($246 mill) in equity for its new Jupiter Global Green Investment Trust, which was promoted in New Zealand by Credit Suisse First Boston.

Global Green will invest in companies worldwide that are responding positively to the challenge of environmental sustainability or are making a positive commitment to social well being.

Of the money raised £16 million ($69.56 mill) of the equity was rolled over from the previous investment trust company, Jupiter International Green Investment Trust, a split-capital trust that had a fixed life and which was wound up on 20 March. The balance of £53 million ($230.43 mill) has come from new investors.

The company has the facility to gear through a multi-currency revolving credit facility and the board has given its permission to the manager to gear up to 10% at his own discretion, taking into account current market volatility. At close of trading on Tuesday last week the ordinary shares were trading at £1.00 and the participating convertible shares (issued on the basis of 1 per five ordinary shares) were trading at £0.26. This constitutes a package premium of 7.8% against an NAV per share of £0.975.

Laurel Awards
Carter Holt Harvey has been recognised for the high quality of its communications to members in the company's superannuation fund.

CHH last week won the top prize in the Association of Superannuation Funds' (Asfonz) Laurel Awards.

Asfonz runs the awards to promote excellence in communications between company super funds and their members. Besides the overall award, there are awards for the top combined annual report and members' benefit statement for both large schemes and small schemes.

The winners in the large scheme category were the Inland Revenue Department and BHP New Zealand Steel. In the small scheme category Affco Staff Superannuation Plan won the gold award and the Sealord Superannuation Plan took out silver.

The awards are sponsored by BNZ Investment Management.

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Lender Flt 1yr 2yr 3yr
ANZ 6.24 5.10 5.59 5.59
ANZ Special - 4.89 4.99 -
ASB Bank 6.50 ▼5.05 ▼5.25 ▼5.35
ASB Bank Special - ▼4.69 ▼4.89 ▼4.99
BankDirect 6.50 ▼5.05 ▼5.25 ▼5.35
BankDirect Special - ▼4.69 ▼4.89 ▼4.99
BNZ - Mortgage One ▼6.65 - - -
BNZ - Rapid Repay ▼6.24 - - -
BNZ - Special - - ▼4.69 -
BNZ - Std, FlyBuys ▼6.24 5.19 5.39 5.29
BNZ - TotalMoney 5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.14 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
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HSBC Premier 6.60 4.89 4.89 ▼4.99
HSBC Premier LVR > 80% - - - -
HSBC Special - ▼4.49 ▼4.49 ▼4.49
ICBC 6.75 5.99 6.39 -
Kiwibank 6.15 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
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SBS Bank 6.14 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.35 ▼5.05 ▼5.25 ▼5.35
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The Co-operative Bank 6.20 4.89 4.99 5.20
TSB Bank ▼6.24 5.45 5.49 ▼5.40
TSB Special - - 4.99 5.40
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Westpac - Capped rates - ▼6.15 ▼6.15 -
Westpac - Offset ▼6.15 - - -
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Median 6.45 5.19 5.39 5.39

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