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Frank Russell launches a hedge fund, Contributory mortgages get a bad wrap, Time Running Out, NZSE bill being reworked

Monday, July 9th 2001, 6:42AM

The growing interest in hedge funds has led Frank Russell to roll out a fund for institutional investors.

The Alternative Strategies Fund gives New Zealand investors access to some of the world's leading hedge fund managers.

Consistent with Russell's multi-asset, multi-style, multi- manager approach, the fund is diversified across a number of underlying hedge fund strategies - primarily those with low correlation to traditional asset classes. Initially, about 15 managers will be used and this number is expected to rise as the funds under management increase.

The objective of the fund is to deliver returns in the region of 10 to 15% per annum (after the underlying manager fees and before Russell fees), combined with a significantly lower level of volatility than traditional equity markets.

Contributory mortgages get a bad wrap


The Securities Commission says companies offering contributory mortgages to investors need to improve their documentation.

It has just completed a review of contributory mortgage offer documents.

"In many cases we have asked the Registrar of Companies to conduct an inspection of the contributory mortgage broker making the offer," the commission says.

"We have also taken other enforcement action as appropriate."

"We think there is a lot of room for improvement in the standard of compliance with securities law in the contributory mortgage industry," it says.

Time Is Running Out

FPIA Conference details

Time is running out to register for this year's Financial Planners and Insurance Advisers Conference in Christchurch.

Advisers and fund managers can register online at Good Returns. To register now CLICK HERE.
This page includes programme details - speakers and workshops, conference information and an accomodation guide.

NZSE bill being changed
The New Zealand Stock Exchange hopes it can make changes to demutualisation legislation in time for the bill to be reported back to Parliament by September.

Currently a select committee is hearing submissions on the bill, however it has voiced a number of concerns.

The exchange itself has to make changes to the bill as it is a private members bill put forward by the NZSE.

NZSE chairman Simon Allen says revisions will include putting a 10% shareholding cap on ownership stakes in the new stock exchange company.

The effective date of the demutualisation will now be February, the date the bill was introduced to Parliament. Originally the proposed qualifying date for members to be entitled to take part in the demutualisation was August last year.

« First index funds have rulings renewedSovereign takes regulation bull by the horns »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 23 February 2024 11:59am

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