Weekly briefs

Fund manager awards, Labour's revamped super policy, Super bond payout, UK funds coming, Fusion first to quote, AIA's parent reports strong growthnt

Monday, April 5th 1999, 12:00AM

Armstrong Jones has, for the sixth consecutive year, won the Morningstar fund manager of the year award.
The format for judging the award has changed from advisers voting for managers to one where Morningstar picks the winners.
Besides the top award awards have been made in seven different sectors.
Details of the award process and other winners were not available at press time.
Meanwhile, in Australia Colonial First State has won the 1998 Money Management fund manager of the year award. Runner-up was Merrill Lynch Mercury Asset Management.

These awards are judged by research house ASSIRT using a set of criteria which included high performance, low volatility and fund size.

Rural Super bond investors see some more of their capital
Investors in the Rural Super Bonds Superannuation Scheme have received a further pro-rata repayment of $2.7million, Trustees Executors says.
Combined with a $9 million repayment in February, investors have had about 43 per cent of their capital returned.
These payments follow the decision in November to wind up the scheme. TEA managing director Jim Minto says that early termination of the scheme by way of a planned realisation of assets not only ensured equity among all members but also gave them the best opportunity for full repayment.
"The timing for the payment of the balance, and the extent to which investors will recover their capital, will depend in the main on realising the remaining assets of the scheme. There are a number of steps we are taking towards realisation and while it will take some time to fully achieve this, we are making progress"
The scheme's remaining assets are largely mortgages over property. These properties need to be sold or the loans refinanced to repay these mortgages.

Labour's super policy
The Labour party says its superannuation policy provides a point of clear differentiation between itself and National.
The policy is a revamped version of the one it offered voters in the 1996 general election.
A Labour government would set up a "ringfenced" superannuation fund and maintain the universal pension at age 65.
The fund would be financed from existing taxation through a dedicated superannuation tax.
Labour says it would not introduce any new form of income or asset testing or raise the age of qualification beyond age 65.
The fund will be overseen bay a Board of Guardians, and Labour would consider entrenching the ringfencing provisions so that a 75 percent majority in Parliament would be needed to effect any change.

UK funds first on list
The Securities Commission says it will be several months until unlisted foreign collective investments from jurisdictions other than Australia will able to be promoted in New Zealand.
As reported earlier the commission has made a decision in principle to allow foreign funds to offer their products in New Zealand.
Commission chief executive John Farrell says a policy statement on the matter will be released soon.
He says the commission has to reach agreement with regulators in other countries before it will issue exemption notices allowing foreign funds to be offered here.
He expects an exemption notice for UK based funds will be issued in two to three months time. After the UK is sorted the commission will work on a notice for US funds.

Fusion first to quote
Fusion Insurance has become the first organisation pursuing the deregulated workplace accident insurance market to have its insurer registered.
Its registered insurer is Royal & SunAlliance Insurance Ltd.
Fusion is an alliance between Royal, Southern Cross and GMV Associates.
Registration means the company is now able to quote in the marketplace for accident insurance cover.

AIA's parent reports strong growth
American International Assurance's (AIA) US-based parent company AIG has posted strong corporate earning in the fourth quarter and the full year of 1998.
In the 12 month period the company says net income rose 13 per cent to US$3.77 billion and revenues were up 8.8 per cent to US$33.3 billion.
Worldwide AIG's life business had a strong quarter, as premium income rose and operating income increased.

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