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TMF and Deutsche do a deal

Tuesday, November 20th 2001, 7:59PM

by Philip Macalister

Tower Managed Funds (TMF) has moved to strengthen its position in the hedge funds market by forming an alliance with Deutsche Asset Management and launching a new look Australian-domiciled product.

TMF has been a key mover in the hedge fund market with its GAM Multi-Trading fund which has been offered in the retail market for more than 7 years. The fund is TMF's fastest growing fund at present and has more than $140 mill under management.

TMF general manager investments Richard Baker says he wants to capitalise on the first mover advantage he has with the Multi-Trading trading by forming an alliance with one of the best managers in the game.

Although no new product details have been announced the GAM and Deutsche Strategic Value Fund will be "packaged together in an attractive form".

"It will be an attractive structure for New Zealand residents who are non-traders," he says.

"If you loved GAM you're going to love (this new product) even more."

Both the Multi Trading fund and SVF are hedge funds diversified across different managers.

The key distinction between TMF's offering and other players in the market is that it will be an open-ended fund (so investors will be able to come and go as they like) and, according to Baker, the fees will be low and it will be user-friendly.

He says the company has looked at using an UK-based Open-ended investment company (OEIC) structure but decided against it as, he felt, they were inappropriate for the New Zealand market.

Also TMF is parochial and is in the fund management game, not the distribution one.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Not all hedge funds created equalSovereign takes regulation bull by the horns »

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Lender Flt 1yr 2yr 3yr
ANZ 6.49 5.10 5.59 5.59
ANZ Special - - 4.99 -
ASB Bank 6.50 5.49 5.49 5.75
ASB Bank Special - ▼4.89 5.10 5.39
BankDirect 6.50 5.49 5.49 5.75
BankDirect Special - ▼4.89 5.10 5.39
BNZ - Mortgage One 6.90 - - -
BNZ - Rapid Repay 6.49 - - -
BNZ - Special - - 4.99 -
BNZ - Std, FlyBuys 6.49 5.19 5.39 5.29
BNZ - TotalMoney 6.34 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.39 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.40 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.95 4.95 5.40
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.40 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society ▼6.70 ▼5.65 ▼5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.85 5.49 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.39 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.60 5.49 5.10 5.75
Sovereign Special - ▼4.89 5.10 5.39
The Co-operative Bank 6.45 5.15 4.99 5.35
TSB Bank 6.49 ▼5.45 ▼5.49 5.75
TSB Special - - ▼4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.40 5.49 5.49 5.59
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.40 - - -
Westpac Special - - 4.99 -
Median 6.49 5.45 5.40 5.40

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