News Round Up
Win a Palm, National Bank's ratings moved, What do trustees do, Advisers Overseas Investment Expedition, Sign up to FPIA conference now.
Tuesday, June 5th 2001, 10:22PM
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National Bank rating moved
Research house Morningstar has moved National Bank Managed Funds from being a three star manager to the status of "not yet rated".
Confused? Don't be. The main reason behind the rating change is NBMF's decision to substantially restructure its funds.
Previously management of its funds was contracted to AMP Henderson Global Investors. However, last year it opted to go for a multi-manager style and replaced AMPH in all its funds except the NZ Equity Growth Trust, cash and bonds areas. See earlier story.
Morningstar says since the change about 70% of NBMF's funds are not rated. It plans to recalculate and republish a rating for NBMF later this year "pending completion of rating these funds under management."
What do trustees do?
The Securities Commission is seeking comment on its policy for approving trustees and statutory supervisors.
Trustees or statutory supervisors represent the interests of investors. They are independent persons who are required to check whether there have been any breaches of the trust deed or the terms of the offer of securities. The trustee is also required to check whether the company holds sufficient assets to make repayments to the investors as they become due.
The law requires the Commission to consider the suitability of people only at the time they apply for approval. There is no ongoing monitoring of approved trustees and statutory supervisors.
The discussion paper seeks comment on a range of issues including:
- whether trustees and statutory supervisors have a useful role;
- if so, whether the present procedures for approvals continue to be appropriate; and
- whether there is a need to keep under continuing review people who are authorised as trustees and statutory supervisors.
Advisers Overseas Expedition
Advisers wanting to check out what's happening overseas are invited to join an offshore trip being organised by former Dresdner business development manager Julie Rigoni.
The trip, which is being organised out of Sydney, takes in visits to fund managers and advisers in the United States, UK and Europe. Also included in the itinerary is attendance at the FPA Success Forum Convention in San Diego and the UK Institute of Financial Planning in Warwick.
Rigoni says the aim of the Advisers Overseas Investment Expedition is to provide advisers with the opportunity to meet with a select group of global investment managers and their investment strategy teams.
The expedition leaves on September 12 and returns on September 23. For more information email Julie Rigoni
Register online and WIN
Register for this year's Financial Planners and Insurance Advisers Conference online at Good Returns and be in to win this great book valued at $44.95.
Everyone who registers and pays for the conference online before June 6 will go into a draw to win Irrational Exuberene.
This book, written by Prof Robert Schiller, is an excellent look at what is happening in the United States market.
For full details of the conference and the online registration form CLICK HERE.
This page includes programme details - speakers and workshops, conference information and an accommodation guide.
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