Weekly briefs

Faster master trust growth, Equitilink retiring, New non-bank mortgage player and Adviserlink gets NZQA status.

Sunday, May 3rd 1998, 12:00AM

Faster master trust growth
Master funds in the Eriksen and Associates survey of the sector have recorded average growth of 35 per cent in the past year.
AMP’s New Zealand Retirement Trust continues to be the fastest growing master trust. It and Tower’s Enterprise Plan grew at a rate of 10 per cent in the March quarter.
Tower has BT as an investment manager option and is bringing in ANZ and BNZ as further investment options.
The Eriksen survey for the March quarter shows master trusts had a total of $1290 million in funds under management and the average return in the past year was 11.7 per cent, net of tax and expenses. Tower’s Focus International Share fund was the top performer, recording a 28.9 per cent return in the period.

Equitilink retiring
Equitilink has retired as the fund manager of its Australian-based retail unit trusts and have passed the role to Challenger Life. Equitilink will still remain as the underlying investment manager to the various funds. Equitilink's New Zealand office will remain providing support to investors and advisers who use the retail unit trusts in conjunction with their wholesale funds.

BT funds new mortgage player
Interstar, one of Australia’s biggest non-bank wholesale housing lenders, is to start offering real estate finance to the retail market through LoanPlan, Auckland’s largest mortgage broking company.
Although Australian owned, Interstar in New Zealand will be a local operation funded from New Zealand capital markets, using local lawyers, brokers and valuers.
Bankers Trust New Zealand Limited will provide funding facilities and will assist in a bond issue for Interstar later this year. Interstar currently has $ 1.5 billion in managed assets, and its bonds have a ‘AAA’ rating from Standard and Poors in Australia.
"Interstar has worked with Bankers Trust Australia for many years," says Bankers Trust New Zealand’s chief executive John Macfarlane. "It is a relationship that has worked well. It’s clear that the New Zealand market is diversifying into non-bank mortgages. Our role in this venture is to add value and to facilitate Interstar’s business in this part of the world."

Adviserlink gets NZQA status
Adviserlink is the first specialist education and training provider to the financial services industry to be awarded private training establishment (PTE) status by the New Zealand Qualifications Authority.
Adviserlink manager Christine Winter says the accreditation will enhance the credibility of financial advisers’ qualifications.
Its registration as a PTE follows stringent application procedures, and will be reviewed on an annual basis. The registration also carries a commitment to continual maintenance, review and improvement of policies and procedures.

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Weekly briefs

Faster master trust growth, Equitilink retiring, New non-bank mortgage player and Adviserlink gets NZQA status.

Sunday, May 3rd 1998, 12:00AM

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