BT Funds Management is expanding its international capabilities by appointing and putting a number of analysts in the group’s investment offices in Singapore, London and New York.
In the past BT has received some criticism for trying to manage offshore equities from Sydney.
The latest move is similar to one taken 18 months ago when some of the manager’s Pacific Basin investment team, under Chris Ong, relocated to Singapore.
BT is is looking to increase its international capabilities by using the resources of its US parent, Principal. Combined BT and Principal have 130 analysts.
GSF MkII
Finance minister Michael Cullen is due to make a major speech this morning which addresses tax incentives and savings. The speech, to the Asfonz annual meeting, is expected to also discuss plans for improving workplace superannuation.
The government wants to take a lead in this area and is looking at re-establishing a replacement superannuation fund for state employees.
Full details of the speech will be in SuperTalk (www.supertalk.co.nz)
Rich returns
Former Morningstar boss Graham Rich has established a new company in Australia which operates in the publishing and information area.
The company, Brillient, is establishing a business as a content aggregator. That is it is taking material prepared by other people (such as fund manager and actuaries) then repackaging it and selling it into various markets including financial planners, fund manager and investors.
Rich was sacked a the boss of Morningstar in Australia and New Zealand late last year and has recently served a statement of claim for damages against Morningstar, Inc.
Offer extended
JB Were has extended the no-entry fees offer in is Trans-Tasman fund. The other is now open until May 31.
Tower offer 100% full
Tower's $125 million capital bond offer has closed fully subscribed.
Tower says its $25 million preferential pool for shareholders was oversubscribed and applications will be scaled.
The bonds are initially paying 8.75%, which is the Government bond rate plus 2%. The money raised is being used to rebalance Tower's capital structure, repay existing debt and fund continued expansion in Australia.
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