Unitholders in the Toronto Gold Fund have agreed to wind the trust up. It is being wound up as the prospects for gold remain weak and the fund was considered too small.
Auckland houses prices look steady
Resondents to Massey University's regular Auckland region residential property survey are fairly evenly divided on future prospects.
Just under half (49 per cent) are anticipating no change, while 44 per cent reckon the market will improve.
The most positive sentiment appears to be for the lower price housing (up to $250,000), where respondents reported properties selling well.
Ergo goes instant
AMP direct marketing subsidiary Ergo is offering customers Instant approval of their mortgages through One Call.
With One Call Conditional Approval customers can ring Ergo or contact an AMP adviser and if they meet the criteria and a quick online credit check, have their loan instantly conditionally approved.
A conditional approval certificate is then either faxed or sent out by courier.
"People can have paper proof of their conditional approval of their mortgage within minutes if they have access to a fax," Ergo managing director Graham Meyer says.
National Bank closes fund
The National Bank Financial Services (NBFS) has called a unitholder meeting for October 28 to vote on the proposed closure of its New Zealand Bond Trust.
The Bond Trust was amongst the first funds the bank launched in 1988. The decision to close it is related to the launch of its Corporate Bond trust.
NBFS says the old trust, with its wide mix of investments, no longer met the needs of unitholders who were predominantly interested in receiving a regular income stream.
The Corporate Bond trust delivers the income, is easier to manage from the bank's viewpoint and has lower fees than the earlier trust.
Tower adjusts fees
Tower Trust Services has adjusted the fee and brokerage arrangements with its income funds. The MortgagePlus and SuperPlus funds now have entry and exit prices.
The entry fee for the MortgagePlus fund has changed from the first month's interest to 1.75 per cent of the capital value. APlus remains unchanged at 1.25 per cent, while SuperPlus is now 1.5 per cent from the capital rather than the initial income.
Brokerage remains the same with its MortgagePlus fund, however it has been reduced by 0.25 per cent on the APlus and SuperPlus Income funds.
All funds pay a 0.25 per cent trail fee.
Winners announced
Peter Taylor of Investment Business Management in Auckland has won the National Bank's annual investment race. He finished the race with a portfolio value of $122, 179.53, a 22.17 per cent return on the initial investment.
Second place went to Ian Drysdale of Wairarapa Financial Planning in Masterton, while Robert Black in Coopers and Lybrand's Christchurch office came third.
All three winners have won a trip to the Australian Financial Planning Association's annual conference in Adelaide next month.
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