Peter Young, a former fund manager at Morgan Grenfell Asset Management, a subsidiary of Deutsche Bank, has been charged with conspiracy to defraud by Britain's Serious Fraud Office.Ord Minnett launches new OM-IP series
Sharebrokers Ord Minnett are, today, to launch the fourth series of its popular capital guaranteed, leveraged investment products.
Two more Brits join the board
Two more British-based investment trusts have been listed on the New Zealand Stock Exchange.
They are the Mercury European Privatisation Trust and the Electra Investment Trust. Mercury invests in European companies which are being privatised or appear likely to be privatised, and the Electra trust invests in private companies and unlisted investments.
E*Trade arrives
New Zealand investors can now trade shares listed on the Australian Stock Exchange over the Internet through brokerage firm E*Trade.
E*Trade is a global firm based in the United States. It has been operating in Australia since April and has built up a client base of 3000 users in that time.
The company hopes to offer electronic trading in New Zealand Stock Exchange-listed shares in the future.
Shareholders offered an out
Shareholders in listed investment company Jardine Fleming China Region have agreed to a proposal that the company conduct an equal access buyback plan.
The resolution was passed at the company's annual meeting last week.
The company expects that the buyback offer will be sent to shareholders during the week beginning November 9.
Company secretary Tony Morgan says the share buyback plan, if approved, will be subject to conditions that are set out in an explanatory memorandum that has been sent to shareholders. It will provide shareholders with the opportunity to realise their investment in the company at near to net tangible asset backing.
Adviser free service
Money Managers is adding a service to its website for investors not wanting to use an adviser.
Marketing director Alasdair Scott says netINVEST is designed for people who don't have the time to visit an adviser, but who want to start a savings plan.
Users can download the FiRST Masterfund investment statement and application form along with an authority for automatic payments and client services agreement.
Scott says a number of people want to save but don't have the time to visit advisers, also those starting early don't need an adviser.
"In the early stages of a savings programme it isn't necessary to see an adviser. In the first 12 months or so, investors can concentrate on accumulating finds. Then when they visit an adviser, they can begin to formulate a plan towards reaching their retirement goals," he says.
A renewed wake-up call
The Office of the Retirement Commissioner is mounting another publicity campaign aimed at getting New Zealanders to save.
The ads are aimed at moving people from thinking about saving for retirement to action. This year the office has distributed 130,000 copies of its Your Retirement Action Planner guide. Commissioner Colin Blair says half those who received the book had worked through it and one in four had taken action.
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