News Round Up
New manager, new style, new building and new rates.
Monday, August 6th 2001, 6:47AMA year ago investing in the technology sector was all the rage. Tech stocks were flying high, new funds were being rolled out and everyone was buying. Investors' heaven.
Ah, but that was an out-of-life experience. Reality struck when the tech bubble burst and many dotcom companies crashed. Others are still around, they just saw their share prices fall by 90%.
In Good Returns' latest Special Report we take a look at the tech sector a year after the crash and assess its health, and potential wealth. The report provides commentary on what has happened, plus features from experts giving their take on tech. That's not all.Fund fact sheets are also available so you can dig down to the next level and find out what funds are holding, how they have done and what individual managers are thinking. (More)
To top off the Special Report we have a new book all about the Tech Sector. Order your copy of Where's the Loot? in the bookstore. (Yes I want a copy)
Ordering books through Good Returns is safe. We use a secure server, alternatively you can place an order by phone on 0800-345675.
Tower appoints new bond manager
Tower Asset Management has changed the investment style and the manager for global fixed interest.
Merrill Lynch has been replaced by Pacific Investment Management Company (PIMCO).
The change comes about after a review by Tower Asset Management.
Previously Tower's global fixed interest investments were made almost exclusively in sovereign debt.
Tower says it can achieve a higher return with lower volatility by adopting an aggregate investment approach which includes Government debt as well as investment grade, non-government debt.
PIMCO are based in the United States and currently manage more than US$219 billion.
Millennium Centre latest addition to Trust
Colonial First State Property Trust is to buy the Millennium Centre in Greenlane Auckland for $42.6m from Manson Developments Limited.
The Centre is a recently completed high quality secure integrated office park development made up of three separate office buildings.
The acquisition increases the listed trust's portfolio to 16 properties with a total value of $250m.
The Millennium Centre, which produces a net income of $4.18m, is expected to add $700,000 annually to the trust's before tax profit.
The purchase is being funded by debt.
When completed the trust's average weighted lease term rises from 3.8 years to 4.4 years.
"The property is extremely well tenanted and provides long-term lease arrangements with ongoing opportunities for rental and capital growth," Colonial First State Property Trust general manager Lloyd Cundy says.
New investment rates
UDC's latest investment rates are:
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