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Managers suspend redemptions after attacks

Fund managers have suspended redemptions of units in international funds following the terrorism attacks in the United States.

Wednesday, September 12th 2001, 11:54AM

Fund managers have suspended redemptions of units in international funds following the terrorism attacks in the United States.

Redemptions have been suspended because US markets are closed and it is impossible to price assets.

A number of managers report a flurry of enquires this morning, however they have now slowed down.

It is unknown when the US market will reopen. However, European markets took a hit over night, with Germany's DAX closing down 8.7%, France's CAC down 7% and the FTSE fell 5.7%

Fund managers are bidding their time at the moment as there is no meaningful information in the markets.

BT Funds Management's Mike Newton says if there was a rush on redemptions fund managers have the opens of suspending redemptions indefinitely.

Bond markets have rallied substantially in the US and around the world as interest rates have fallen sharply.

One fund manager predicts that the US Federal Reserve will ease interest rates quickly and substantially.

"They will paint the country green with money," he says.

While fund managers are considering how to manage their asset allocations in light of this tragedy, it is likely that they will increase their allocations to fixed interest.

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AMP Home Loans 7.24 ▼5.69 6.39 6.65
AMP Home Loans $200k+ 7.14 ▼5.59 6.29 6.55
AMP Home Loans LVR <80% - - ▲5.99 ▼6.19
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ANZ Special - ▼5.69 ▼5.75 6.09
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - 5.70 ▼5.75 6.19
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BankDirect Special - 5.70 ▼5.75 6.19
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BNZ - GlobalPlus 6.74 5.89 6.39 6.59
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
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
First Credit Union 6.45 - - -
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General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 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 6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.79 6.39 6.65
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty - - - -
Napier Building Society 5.80 6.00 6.70 -
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SBS Bank 6.65 5.85 5.99 6.19
SBS Bank Special - - - 5.89
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Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - 5.70 5.75 6.19
The Co-operative Bank 6.70 ▼5.70 ▼5.89 6.19
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
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