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News Round Up

Frank Russell launches a hedge fund, Contributory mortgages get a bad wrap, Time Running Out, NZSE bill being reworked

Monday, July 9th 2001, 6:42AM

The growing interest in hedge funds has led Frank Russell to roll out a fund for institutional investors.

The Alternative Strategies Fund gives New Zealand investors access to some of the world's leading hedge fund managers.

Consistent with Russell's multi-asset, multi-style, multi- manager approach, the fund is diversified across a number of underlying hedge fund strategies - primarily those with low correlation to traditional asset classes. Initially, about 15 managers will be used and this number is expected to rise as the funds under management increase.

The objective of the fund is to deliver returns in the region of 10 to 15% per annum (after the underlying manager fees and before Russell fees), combined with a significantly lower level of volatility than traditional equity markets.

Contributory mortgages get a bad wrap


The Securities Commission says companies offering contributory mortgages to investors need to improve their documentation.

It has just completed a review of contributory mortgage offer documents.

"In many cases we have asked the Registrar of Companies to conduct an inspection of the contributory mortgage broker making the offer," the commission says.

"We have also taken other enforcement action as appropriate."

"We think there is a lot of room for improvement in the standard of compliance with securities law in the contributory mortgage industry," it says.

Time Is Running Out

FPIA Conference details

Time is running out to register for this year's Financial Planners and Insurance Advisers Conference in Christchurch.

Advisers and fund managers can register online at Good Returns. To register now CLICK HERE.
This page includes programme details - speakers and workshops, conference information and an accomodation guide.

NZSE bill being changed
The New Zealand Stock Exchange hopes it can make changes to demutualisation legislation in time for the bill to be reported back to Parliament by September.

Currently a select committee is hearing submissions on the bill, however it has voiced a number of concerns.

The exchange itself has to make changes to the bill as it is a private members bill put forward by the NZSE.

NZSE chairman Simon Allen says revisions will include putting a 10% shareholding cap on ownership stakes in the new stock exchange company.

The effective date of the demutualisation will now be February, the date the bill was introduced to Parliament. Originally the proposed qualifying date for members to be entitled to take part in the demutualisation was August last year.

« First index funds have rulings renewedSovereign takes regulation bull by the horns »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
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 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
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 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 ▲6.39 ▼6.59
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
Kiwibank 6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac ▲6.59 ▲6.35 6.58 6.77
SBS Bank 6.15 5.85 5.99 6.19
Lender Flt 1yr 2yr 3yr
SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 ▼5.95 6.19 ▼6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.59

Last updated: 16 September 2014 9:01am

News Quiz

BNP Paribas Securities Services’ latest Asset Administration and Custody Review found worries about government regulation is causing how many to lose sleep?

50%

90%

33%

10%

67%

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