The International Monetary Fund has painted a picture of a strong global recovery in its latest World Economic Outlook.
It is expecting growth to accelerate from 1.5% in the fourth quarter of last year to 4% by the last quarter of this year. It expects this rate to continue.
The US will lead the recovery with a strong rebound however the IMF predicts a steady recovery in Europe and a pick-up in Asia, with the exception of Japan which is expected to contract.
The IMF is worried inflation may be too low.
JB Were's new fund
JB Were plans to raise up to $20 million for a new private equity fund in New Zealand.
Manager Paul Chrystall says there is a need for this type of fund as so few of the country's businesses are listed on the Stock Exchange.
The market capitalisation of listed stocks in New Zealand represented about 36% of gross domestic product, whereas in Australia it was 91%, meaning investors across the Tasman had three times the exposure to local business.
"One of the flaws in our economy is a lack of balance. A lack of availability of it to ordinary investors and a lack of ordinary investors having a sense that they should save in it and invest in it."
The minimum investment is $25,000, and fund is suited to people with a long-term investment philosophy.
The winners are...
Lion Nathan has won the top award for excellence in communication at this year's Laurel Awards, organised by the Association of Superannuation Funds of NZ (Asfonz).
The awards judge annual reports and member benefit statements of employee superannuation schemes.
The winner of the large scheme category was the Waterfront Industry Superannuation fund, while Orica NZ won the small scheme category.
Happy birthday Frank R
Frank Russell last week celebrated 10 years in New Zealand. In that time it has become the gatekeeper to many of the largest superannuation funds in New Zealand advising on $14 billion of assets.
It is the adviser to the $3.4 billion Government Superannuation Fund, as well as EQC, many of the community trusts and the National Provident Fund.
Its implemented management business has grown to $1.4 billion.
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