News Round Up

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It's a big News Round Up this week with: Tyndall named top manager, NZX renames business, Morningstar rating changes, Fund to keep going, Broadland grows, Fund News.

Monday, May 2nd 2005, 2:50AM

Tyndall Investment Management has been named the Institute of Financial Professionals (INFINZ) fund manager of the year.

Tyndall is one of the country’s largest fund managers. The company is a wholesale manager, managing funds on behalf of Promina group entities Vero, Asteron and Guardian Trust, as well as some external organisations including Fidelity Life.

Tyndall joint domestic equity manager, Rickey Ward says the company’s investment strategy has been developed so that it is “able to make the right decisions at the right time.” For Tyndall that largely consists of taking a lot of smaller positions combined with the occasional larger position, following a full market assessment of the risks and opportunities.

NZX renames funds management business
NZX is changing the name of its funds management to Smartshares and has made two new senior executive appointments.

Smartshares manages four exchange-traded funds (TENZ, MIDZ, MOZY and FONZ) that can be bought and sold just like shares.

Smartshares chairman Don Trow says that the announcement signals a shift in focus for the business. "Changing the name to Smartshares gives the business a new focus going forward. Smartshares is committed to providing low cost, easy investment options for New Zealanders to participate in the sharemarket. “ Find out who has joined Smartshares in the People page here

Broadlands grows
Broadlands Finance has acquired Beneficial Insurance by issuing $9 million of Broadland’s shares. The deal will add more than $1 million to Broadlands shareholders funds and eliminate $3 million of debt.

Broadland’s shareholders funds now exceed $10 million and secured debenture stock represent less than 50% of the finance receivables.

Fund to keep going
Shareholders in the UK listed investment trust company, the New Zealand Investment Trust, have voted to keep the company going.

All investment trust companies face a periodic continuation vote. At its recent annual meeting shareholders overwhelmingly supported the company's continuation as an investment trust company and a change to the company's rules that will make the next continuation vote in 2007 and every two years thereafter. [Earlier Story].

Morningstar Australia follows NZ
Morningstar in Australia has moved to a quantitative-only based rating system for managed funds in Australia. Also the fund categories used by the research house are changing to reflect the style of the fund.

Morningstar also says that its Total Access research package will be phased out in December 2005 and clients will then use AdviserWorkstation.

Fund news
Macquarie have extended the offer period for Highpoint Notes to May 6. Highpoint Notes are a capital protected investment which track an index of the world's largest companies. Highpoint also locks in each 10% gain as the index rises.

Liontamer has launched its capital protected Tiger fund which invests in Asian economies. Currently the company is holding a series of nationwide roadshows to introduce the fund to advisers. Dates and venues for these presentations can be found in the diary.

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