News Round Up
Bondholders get some good news, FPIA signs top speaker, ANZ launches fund amid the gloom, UDC's new rates, Red ink all over the markets.
Sunday, October 7th 2001, 11:14PM
Bondholders invested in the Park Terrace Property bond in Christchurch may get some of their money back sooner than earlier anticipated.
The trustee, Tower Trust, says a court case against people who have defaulted on their purchases has been brought forward from February to November.
Tower Trust general manager Glenn Clark says this is likely to accelerate the repayment process, assuming the case goes the company's way and purchasers settle.
This case, against 18 purchasers who bought 33 apartments, is expected to net about $7 mill.
Another $4 million is being sought from purchasers who have defaulted but aren't defending their position in court. Clark says it may be necessary to pursue these defaulting purchasers into bankruptcy.
ANZ adds new fund
International shares aren't flavour of the month with investors currently, but that hasn't stopped ANZ Funds Management adding a new offshore equity fund to its range of product range.
The new fund is put together by Frank Russell using its multi-manager, multi-style approach and uses seven managers.
The main difference between this and ANZ's other fund is that the new one is fully invested in shares.
While ANZ uses Frank Russell to advise on its Ascent Investment Programme, the bank no longer has an exclusive arrangement with the firm.
Big Name signed
People attending the Financial Planners and Insurance Advisers Convention in Palmerston North next year will get to hear a top international speaker on day one.
To find out who the FPIA has signed as a platform speaker for day oneclick here.
UDC's new deposit rates are:
- UDC Secured term investment, 5.35% for 15 months. Interest quarterly, min $25,000
- UDC Telephone call account, 4.8% for $100,000 plus, 4.65% for $20,000 to $100,00 and 4.2% for $5,000 to $20,000.
- UDC Secured Term Investment, 6.55% for 5 years, min $25,000.
Monthly market review
The latest figues show red ink everywhere, and in most cases the loses are of 10% or more.
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