News round-up
New EMERGE fund for Liontamer; Cohen & Steers launches global infrastructure fund; Allied Nationwide partners with rural finance company; ANZO manager to re-think fees
Monday, October 26th 2009, 5:30AM
New EMERGE fund for Liontamer
Liontamer has launched a new fund, the EMERGE Series 2.
The capital protected fund provides an exposure to a variety of countries that are preparing to become major players on the world's economic stage, including China, India, Brazil, Russia, Mexico and South Africa.
To help manage the risk inherent in these rapidly growing, but sometimes volatile markets, the fund has 100% capital protection at maturity and Liontamer's new Smart-Exposure feature.
The Smart-Exposure feature aims to provide a more intelligent method of generating returns from emerging markets by varying the exposure to the underlying asset from between 0% and 200% on a daily basis.
Cohen & Steers launches global infrastructure fund
Australian company Cohen & Steers (CNS) has launched a global listed infrastructure fund, available to Australian and New Zealand wholesale investors.
The fund invests in equity securities of publicly traded infrastructure companies around the world.
CNS established the fund to capitalise on growing demand for infrastructure investments, while also addressing the liquidity issue that precludes many investors from using direct investment options.
"Investing in publicly traded infrastructure companies can provide the beneficial investment characteristics of private infrastructure ownership with the added features of liquidity, transparent daily pricing and diversification," says co- chairman and co-chief executive, Robert Steers.
Allied Nationwide partners with rural finance company
Allied Nationwide Finance has established a strategic funding arrangement with Rural Livestock Finance in a move to help extend its financing opportunities in the South Island.
As part of the arrangement, Allied Nationwide has the option to take an equity interest in the business and Rural Livestock Finance will also gain access to the management and administration capability of Allied Nationwide through a management services agreement.
Rural Livestock Finance is principally targeted at sheep and beef farmers.
ANZO manager to re-think fees
The manager of AMP NZ Office Trust (ANZO), AMP Haumi Management, is considering a new management fee model, aimed at enhancing the alignment between AMP Haumi and ANZO's unit holders.
Partly in response from unit holder, the AMP Haumi Management board has been considering the transition from the current management fee, based on the value of ANZO's assets, to a lower base fee plus performance fee.
The board is due to report back to investors of its fee review in early February.
The manager will also undertake a review of the appropriate corporate governance model to apply to ANZO, which will determine how to improve alignment of interests with those of unit holders.
PGC raises another $30m
Pyne Gould Corp (PGC), raised $30 million through a placement to institutions, bringing its total capital raising to $267 million.
Institutions, so-called habitual investors and some sub-underwriters of its earlier rights offer will buy 68.6 million shares at 43 cents apiece. Pyne Family Holdings, which is associated with director George Kerr, will buy one million shares at 49 cents each..
The amount raised in the placement was at the top end of the $15 million top $30 million sought and chairman Sam Maling said the response was "a strong endorsement of PGC and its strategy".
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