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Unions get super; Fund flows positive; Jardine Fleming Asia Pacific considers its future

Monday, November 3rd 1997, 12:00AM

by Philip Macalister

Union super
Tower Group Services has won the job managing a superannuation scheme for five unions.
The Public Service Union (PSA) and the Education Sector Unions ASTE, NZEI, PPTA and TIASA will share ownership of the Careplan Retirement Trust.
The unions say one of the few positive benefits to come from the superannuation referendum is a heightened awareness of the need to save for retirement. The scheme is another union membership benefit designed to help its members.
The scheme offers flexibility and a choice of investment funds.

BT Funds Management and Tower Portfolio Management will be the scheme's two investment managers.

Wind-up considered
Shareholders in the New Zealand listed investment company Jardine Fleming Asia Pacific could be asked to wind the company up.
Jardine told the stock exchange that its articles of association could require the board to call a shareholder meeting to consider a wind-up.
"Given the company's recent share price history, the board anticipates calling a meeting of shareholders in early 1998 to propose a course of action," the company said.

Funds flowing
The latest fund flow figures from research houses show some good signs for the industry.
According to IPAC Securities retail managed funds gained $321 million in the September quarter.
Investors are favouring international equity funds and diversified superannuation funds and are putting less into cash based products especially those used for surtax protection.
IPAC say net funds under management increased 4.4 per cent in the quarter with net funds flow providing 2.5 per cent of the increase, and the remainder came from increases in asset value provided by strong financial markets.
Net funds under management now stands at $13.1 billion.
National Mutual, BT Funds Management, BNZ Financial Services, NZ Funds Management and AMP were attracted the most money during the quarter.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 ▼6.19 ▼5.69 ▼5.69
ANZ ▼7.89 6.79 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 6.19 5.69 5.69
ASB Bank ▼7.89 ▼6.19 ▼5.69 ▼5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.94 - - -
BNZ - Rapid Repay ▼7.94 - - -
BNZ - Std ▼7.94 6.45 5.89 5.79
BNZ - TotalMoney ▼7.94 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.99 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▼7.65 6.19 5.75 5.69
Co-operative Bank - Standard ▼7.65 6.69 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.60 6.10 -
First Credit Union Standard 8.50 7.20 6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 6.15 5.69 5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 6.69 6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 6.95 6.29 6.29
SBS Bank Special - 6.35 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 ▼6.79 ▼6.49 ▼6.49
TSB Special 8.39 ▼5.99 ▼5.69 ▼5.69
Unity 8.64 6.29 5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.50 5.89 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.39 6.47 6.10 5.79

Last updated: 14 October 2024 9:03am

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