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Securities Commission optimistic, Tower teams up with Craigs, New Plymouth popular, Super sale continues.

Sunday, May 19th 2002, 10:04PM

Securities Commission executive chairman Jane Diplock is "optimistic" that the Government will announce changes to disclosure laws for advisers "very soon".

Earlier this year the commission made a raft of recommendations to the Government which, if accepted, would tighten up disclosure rules.

Diplock says the recommendations are before Commerce Minister Paul Swain and she "wouldn't be surprised if we have (a decision) very soon."

She is "quite optimist" that the Government will adopt the recommendations. "They seem very happy," she says. "I think they will come up with the outcome that we all expect."

Tower teams up with Craigs
Tower Trust has done a deal with ABN Amro Craigs that will see it selling portfolios of shares to investors.

Investors using the Leaders service buy shares through a bare trustee structure which allows people to hold shares directly, yet with lower fees and tax than if they used a managed fund.

"Fees are generally lower and in some cases less than half of those charged by other forms of trust investments," Tower Trust general manager Glenn Clark says.

Tower Trust has engaged ABN Amro Craigs to provide research and broking services to the Leaders series.

New Zealand First Securities and J B Were offer similar services.

New Plymouth popular
St Laurence Group says it's been inundated with allocation requests for its new proportionate ownership scheme.

St Laurence started promoting these schemes late last year as an alternative to syndicated property. Money raised in the latest offer will be used to buy a building in New Plymouth.

Related story: St Laurence tries out new syndicate structure

Super sale continues
The $3.4 billion super fund that looks after government employees, police, armed forces personnel, parliamentarians and judges has sold nearly half its Government Bonds and put the money into shares and international fixed interest.

Government Superannuation Fund Authority Board chairman Basil Logan says the fund now holds 40% of its investments in New Zealand and international equities with a target of finally holding 65% in those asset classes. The remainder will be in international bonds (21%) and NZ bonds (14%).

BNZ Investment Management was recently appointed to manage international equities and State Street Global Advisors has been appointed as currency manager. Those managers join: AMP Henderson Global Investors, Alliance Capital Management, BT Funds Management, and Tower Asset Management as managers for the GSF.

Logan says four tenders totalling $600 million have been held already, with a further tender scheduled for June 6.

« Defending contributory mortgagesSovereign takes regulation bull by the horns »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 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 - 7.24 6.79 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 7.84 7.39 7.25
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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 ▼6.79 ▼6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 ▼7.29 ▼7.15
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 ▼6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 ▼7.39 ▼7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
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 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 ▼6.79 -
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 7.29 7.32 6.65

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