About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, December 9th, 1:51PM
rss
Investment News

People: Tim Sole takes on a new puzzle

Friday, October 5th 2001, 9:23AM

It’s a good thing Tim Sole likes solving puzzles.

As acting chief executive of the Public Trust Office (PTO), Sole has the job of working out what the 128-yearold organisation will do in future.

The British-born actuary and chartered statistician, who writes puzzle books in his spare time, appears to be enjoying the challenge.

The shift to the public sector also seems to suit him after years running insurance companies Royal & SunAlliance Life, and State Insurance.

"I like the idea of working for the public service," says the 49-yearold, who came to New Zealand in 1986.

"If I can do a good job and provide a return for the Government that they can spend on other things, then that is a good thing."

He was also attracted by the PTO’s culture. "(Staff) don’t over-present themselves. They tend to be themselves and are very knowledgeable about what they do."

Sole became acting chief executive and acting Public Trustee this week. He will take full charge when Parliament passes the Public Trust Bill, which establishes the PTO as a statutory corporation.

The legislation will give the PTO the flexibility it needs to respond to a changing market, Sole says.

Currently, it must seek Cabinet approval for decisions as minor as changing interest rates – a time consuming process that makes it hard to stay competitive with banks.

Unlike many chief executives Sole, who is married with three children, says his days aren’t consumed by work.

He finds the time to indulge an interest in recreational mathematics and to write puzzle books. His most recent book, Nearly Impossible Brain Bafflers, was published in 1998 and sold 80,000 copies.

"It’s in Whitcoulls. It gets lots of shelf space, mostly 'cause I go in and rearrange the shelves."

In between running RSA, State and the present job, he has completed an MBA at Victoria and did the accounting exams "just for fun".

He’s also a past chairman of the Life Office Association and chairman of the Insurance and Savings Ombudsman Commission.

Since joining he has started conducting a review to decide what the organisation should do in future.

He’s also working on a five-year plan to turn around its financial fortunes – the PTO lost $8.5 million in the 1999-2000 financial year.

The thing the PTO is best know for, writing wills, is the reason for the loss, he says.

"Years of running a free will-writing service has drained the organisation’s resources."

That drain is expected to end once the new legislation is passed as the government will start paying it for the work.

Most people don’t realise just how good the trust is at writing wills and administering estates, Sole says.

In fact, he admits that when doing his own will and setting up a family trust earlier this year it didn’t occur to him to use the PTO.

Sole won’t comment on his plans for the organisation until he has completed his review.

Sole acknowledges that as a Crown company there is the ability to buy rivals or expand its range of financial services.

"It will give us more freedom to behave as we want to."

But he says the range of products is already very wide and the Government, which remains the owner, wants the organisation to stick to its knitting.

"This shareholder is pretty clear about what it wants from the Public Trust. It wants it to be active in the trustee market," he says.

« Corporate collapses dent overall credit qualityKing builds an empire »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend

Good Returns Investment Centre is bought to you by:

Subscribe Now

Keep up to date with the latest investment news
Subscribe to our newsletter today

Edison Investment Research
  • Foreign & Colonial Investment Trust
    7 December 2016
    Broad exposure to capital and income growth
    Foreign & Colonial Investment Trust (FRCL) is the oldest collective investment fund in the world, dating back to 1868. Manager Paul Niven aims to generate...
  • Seneca Global Income & Growth Trust
    29 November 2016
    Multi-asset investment with a value approach
    Seneca Global Income & Growth Trust (SIGT) aims to generate income and long-term capital growth from a range of asset classes. Investments are made for...
  • Tetragon Financial Group
    28 November 2016
    Positive returns from all asset classes in Q316
    Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes....
  • Worldwide Healthcare Trust
    23 November 2016
    Finding investment opportunities in healthcare
    Worldwide Healthcare Trust (WWH) aims to generate long-term capital growth from investing in a portfolio of global healthcare stocks; a differentiating...
  • JPMorgan Global Convertibles Income Fund
    22 November 2016
    Low-volatility, income-tilted convertibles portfolio
    JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed closed-end fund focusing on convertible bonds. While its primary aim is to provide...
  • HBM Healthcare Investments
    21 November 2016
    Potential for further outperformance
    HBM Healthcare Investments (HBMN) is a Switzerland-listed closed-end fund investing in listed and private healthcare companies globally. In a volatile...
© 2016 Edison Investment Research.

View more research papers »

Today's Best Bank Rates
Heartland Bank 3.00  
Heartland Bank 3.00  
RaboDirect 3.00  
Based on a $50,000 deposit
More Rates »
Cash PIE Rates

Cash Funds

Institution Rate 33% 39%
ANZ 0.10    0.10    0.11
ASB Bank 0.40    0.41    0.42
ASB Bank 0.55    0.59    0.56
ASB Bank 0.60    0.61    0.64
ASB Bank 0.65    0.66    0.69
ASB Bank 0.70    0.72    0.75
Heartland Bank 2.50    2.59    2.70
Nelson Building Society 3.75    3.90    4.08
RaboDirect 1.50    1.55    1.62
SBS Bank 1.80    1.86    1.94
TSB Bank 1.75    -    1.89
Westpac 0.35    0.36    0.38
Westpac 0.05    0.05    0.05
Westpac 2.60    2.67    2.79

Term Funds

Institution Rate 33% 39%
ANZ Term Fund - 90 days 2.60    2.67    2.79
ANZ Term fund - 12 months 3.35    3.45    3.60
ANZ Term Fund - 120 days 3.00    3.09    3.22
ANZ Term fund - 6 months 3.35    3.45    3.60
ANZ Term Fund - 150 days 3.25    3.34    3.49
ANZ Term Fund - 9 months 3.60    3.70    3.87
ANZ Term Fund - 18 months 3.60    3.70    3.87
ANZ Term Fund - 2 years 3.50    3.60    3.76
ANZ Term Fund - 5 years 3.70    3.81    3.98
ASB Bank Term Fund - 90 days 2.60    2.67    2.79
ASB Bank Term Fund - 6 months 3.20    3.29    3.43
ASB Bank Term Fund - 12 months 3.20    3.33    3.48
ASB Bank Term Fund - 18 months 3.50    3.65    3.81
ASB Bank Term Fund - 2 years 3.65    3.81    3.98
ASB Bank Term Fund - 5 years 4.10    4.28    4.48
ASB Bank Term Fund - 9 months 3.60    3.75    3.92
BNZ Term PIE - 120 days 3.00    -    -
BNZ Term PIE - 150 days 3.30    3.38    3.53
BNZ Term PIE - 5 years 3.70    3.86    4.04
BNZ Term PIE - 2 years 3.35    3.49    3.65
BNZ Term PIE - 18 months 3.50    3.65    3.81
BNZ Term PIE - 12 months 3.25    3.38    3.53
BNZ Term PIE - 9 months 3.60    3.75    3.92
BNZ Term PIE - 6 months 3.15    3.28    3.42
BNZ Term PIE - 90 days 2.75    2.82    2.95
Co-operative Bank PIE Term Fund - 6 months 3.40    -    -
Heartland Bank Term Deposit PIE - 12 months 3.40    3.53    3.69
Heartland Bank Term Deposit PIE - 6 months 3.30    3.43    3.58
Heartland Bank Term Deposit PIE - 9 months 3.70    3.85    4.02
Heartland Bank Term Deposit PIE - 18 months 3.30    -    -
Heartland Bank Term Deposit PIE - 2 years 3.30    3.43    3.58
Heartland Bank Term Deposit PIE - 5 years 3.70    3.85    4.02
Kiwibank Term Deposit Fund - 150 days 3.00    3.08    3.22
RaboDirect Term Advantage Fund - 12 months 3.40    3.50    3.65
RaboDirect Term Advantage Fund - 6 months 3.50    3.60    3.76
RaboDirect Term Advantage Fund - 90 days 2.85    2.93    3.06
Westpac Term PIE Fund - 150 days 2.80    2.88    3.00
Westpac Term PIE Fund - 120 days 3.40    3.49    3.65
Westpac Term PIE Fund - 18 months 3.20    3.29    3.43
Westpac Term PIE Fund - 12 months 3.40    3.49    3.65
Westpac Term PIE Fund - 6 months 3.35    3.44    3.60
Westpac Term PIE Fund - 9 months 3.10    3.17    3.32
Westpac Term PIE Fund - 90 days 2.50    2.56    2.67
Westpac Term PIE Fund - 2 years 3.70    3.79    3.96
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com