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News Round Up

More fixed interest offerings, BT still a very good manager, Chartist fails to pick its own demise. Also find out about Succession Planning and Have Your Say on disclosing soft dollar commissions.

Sunday, November 18th 2001, 11:17PM

Investors are being faced with a welter of fixed interest offerings at present. The two latest are a retail bond from WestpacTrust and a second capital notes offering from meat processor Richmond.

The WestpacTrust three year bond pays 5.5% annually and the minimum investment is $10,000.

They are unsecured senior ranking debt and offer better security than other options such as capital notes.

Standard and Poors has given them an AA- rating.

Richmond says it plans to raise up to $50 million through the issue of unsecured, subordinated capital notes next year.

It successfully raised $50 million through a notes issue in February. The issue was over-subscribed and applications had to be scaled

BT still a very good manager: Morningstar


Morningstar has reconfirmed BT Funds Management's four star rating saying it continues to be a "very good quality" manager.

The reconfirmation comes after the research house completed a review of BT's corporate strength and its sector strength rating: Australian equities.

The researcher downgraded BT in both areas but the changes weren't sufficient to affect the overall rating.

However, Morningstar has moved the Pacific Basin share fund up one notch to a four star fund, but taken one star off the Global Bond Fund making it a three star one.

These changes can about due to performance rather than qualitative factors.

Morningstar says 59% of BT's funds are either four or five star rated, and the proportion of five star funds has increased over the past year.

Chartist failed to pick its demise
Charting software provider Henley Communications has ceased trading, blaming a failed expansion into Australia and a downturn in markets for its demise.

The company raised $2.1 mill last year through an IPO ($1.2 mill) and a private placement ($900,000).

It aimed on having 39,000 software subscribers by March 2002, however only as about 1000 so far.

In its investment statement last year the company valued itself at $20 mill and forecast a profit of $162,000 on sales of $5.16 mill in the year to March 31, 2001. In reality it reported a loss of $687,883 on sales of $218,868.

Succession Planning: Succession Planning is one of the biggest issues facing the financial planning/advisory industry. Good Returns has commissioned highly-regarded management writer Anna Smith to explore the issues around this subject. The first article in the series can be found here. If you have any questions you would like to have answered on the topic send us an email at editor@goodreturns.co.nz. We will get relevant experts to answer the questions. (We won't publish your name).

Disclosing soft commissions: The issue of disclosure of commissions has raised its head in the past week or so following Sovereign's (now canned) plans to make one adviser a millionaire. Check out the Online Forum area to see what some prominent people in the industry have to say. Also check out our Editorial for another viewpoint on disclosure. Read the Editorial Here.

« A new way to buy banksSovereign takes regulation bull by the horns »

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AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
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ASB Bank 6.75 5.99 6.19 6.39
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BNZ - Mortgage One 7.15 - - -
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HSBC Premier 6.84 ▼5.45 ▼5.65 5.99
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Last updated: 15 December 2014 11:07am

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A well-commented on story last week mooted that many authorised financial advisers are out of their depths discussing what with their clients?

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