About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, August 1st, 2:26PM
rss
Latest Headlines

Burglars break into leading fund manager's office

Burglars have broken into one of the country's more successful and most secretive fund managers offices and stolen sensitive material about its 27,000 clients and operations.

Thursday, November 22nd 2001, 6:01PM

Burglars have broken into one of the country's more successful and most secretive fund managers offices and stolen sensitive material about its 27,000 clients and operations.

The break-in occurred in New Zealand Funds Management's offices in the ANZ Centre in downtown Auckland last weekend.

The building is also the home of other financial services firms including BT Funds Management, ANZ Funds Management and CS First Boston.

NZ Funds director Gerald Siddall says that the burglars stole back up tapes which include registry information for all its clients, plus some details about the company's systems.

He says the burglars used force to remove the equipment from the offices.

Although the burglars have taken sensitive information it is probably of little use as the computers were only half way through the back up when the theft took place.

"(The information) will be corrupted in some way," he says. "It certainly won't be readable."

Siddall says it is a mystery who would commit such a crime.

It would become obvious who it was if the thief used the information to contact NZ Funds' clients (which include all Money Managers' clients).

Siddall doesn't believe the crooks were trying to stop NZ Funds. If that was their intent they would have smashed all the computers.

The third theory is that a competitor, eager to learn how NZ Funds works, organised the crime.

Siddall again rules this out.

"To say it was more sinister (than bad luck) would be to disparage the ethics of my competitors - that I would never do.

"I don't see it as a competitive issue against us."

Siddall also dimisses the industrial espionage theory on the grounds that NZ Funds' systems, while very good, aren't necessarily the key to the business.

He says the success of the business lies in the intellectual capital in the firm.

"They would have to open our heads to find that out."

If people can break into a sophisticated building with high security and take this information then it's an issue for the whole financial services industry, he says.

Siddall's concerns are about privacy of client information.

« Rich battles for control of MorningstarSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • [Obituary] Peter Hensley
    “Peter – an intelligent, caring and gentle man with independent thought, an innate sense of fair play, amusing dry wit and...”
    4 hours ago by Robert Oddy
  • Campaign to reduce savings tax
    “I wonder why the Financial Services Council is not waging a campaign to reduce the management fees on KiwiSaver if they are...”
    4 hours ago by graemetee
  • [Obituary] Peter Hensley
    “A wonderful, genuine man gone much too soon. I worked for Peter for nearly twelve years and his passing will leave a huge...”
    6 hours ago by Maureen Marr
  • [Obituary] Peter Hensley
    “Peter was a longstanding member and past president of SIFA, and he will be missed. SIFA is taking up the family's wish...”
    7 hours ago by SiFA
  • [Obituary] Peter Hensley
    “Thank you for all of your kind and beautiful comments. A gathering for Peter will be held at 11am at the Ngamotu Golf Club...”
    8 hours ago by Amy Hensley
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans ▲7.24 5.99 6.29 6.60
AMP Home Loans $200k+ ▲7.14 5.89 6.19 6.50
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.05 6.49 6.65
ANZ LVR > 90 6.74 6.55 6.99 7.15
ANZ Special - - 6.09 -
ASB Bank ▲6.75 6.09 6.40 6.65
ASB Bank Special - 5.95 - -
BankDirect ▲6.75 6.09 6.99 6.65
BankDirect Special - 5.95 - -
BNZ - Classic - - - 6.25
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus ▲6.74 5.99 6.39 6.59
BNZ - Mortgage One ▲7.15 - - -
BNZ - Rapid Repay ▲6.74 - - -
BNZ - Std, FlyBuys ▲6.74 5.99 6.39 6.59
BNZ - TotalMoney ▲6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide ▲6.45 5.90 6.50 -
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
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 6.20 6.25
HBS Special - - - 5.95
Heartland 6.45 6.75 7.00 7.60
Heretaunga Building Society 6.25 5.85 6.50 -
Housing NZ Corp 6.50 6.00 6.30 6.60
HSBC Premier ▲6.84 5.95 5.99 6.25
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.85 5.85 5.85
Kiwibank 6.40 5.99 6.29 6.29
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.30 - - -
Kiwibank LVR > 80% - - 5.85 6.29
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society ▲6.95 ▲6.15 6.60 -
NZ Home Loans 6.35 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
RESIMAC - lo doc ▲7.59 7.06 7.38 7.82
RESIMAC LVR < 80% ▲6.59 6.06 6.38 6.82
RESIMAC LVR < 85% ▲7.59 7.06 7.38 7.82
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% ▲8.59 8.06 8.38 8.82
SBS Bank 6.15 5.85 6.20 6.25
SBS Bank Special - - - 5.95
Silver Fern 5.95 6.10 6.55 7.05
Sovereign ▲6.85 6.09 6.40 6.65
Sovereign Special - 5.95 - -
The Co-operative Bank ▲6.70 6.00 6.00 6.25
TSB Bank ▲6.74 6.00 6.19 6.60
TSB Special - - 5.80 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac ▲6.59 6.09 6.39 6.65
Lender Flt 1yr 2yr 3yr
Westpac - Capped rates - 6.49 6.99 -
Westpac - Offset ▲6.59 - - -
Westpac Special - 5.95 6.09 -
Median 6.59 6.00 6.39 6.60

Last updated: 31 July 2014 9:42am

News Quiz

Of the following people who is not involved in Craigs Investment Partners new stand alone funds management company?

Simon Botherway

Stefan Stevanovic

James Ring

Andrew South

Roy Cross

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com