Asset
magazine this month looks at how advisers are investing portfolios in the current turbulent market conditions.Also in the magazine this month is a look at the Westpac/BT Funds Management deal, and the issue of independence raises its head again as some life companies look at moving back towards more tightly tied agency forces. There's a feature on shareholder activism and how it adds value, plus a feature on succession planning.
In our regular New Zealand markets section three fund managers talk about what stocks they are buying and why, and in the economics section regular columnist Donal Curtin ponders whether the housing market is shaping up to be the next bubble to burst after technology.
There is plenty more in Asset this month including news and regular features such as practice management, book reviews, a crossword and a situations vacant section.
Make sure you get your copy of Asset by subscribing now. You can order either online in the bookstore (
click here), or call the subscription department on 0800-345675.
New fixed interest fund
JB Were has replaced its discretionary fixed interest fund, where investors held the assets in their own name, with a unit trust as it provides them with a more flexible product.
The minimum investment in the discretionary fund was $50,000 and consequently only four assets could be held (given the minimum face value of $10,000 per bond and the premium most bonds trade at).
The difficulty with the structure was in the management with a minimum 25% of the assets having to be moved around at any one time if trading or changing duration. Later in the life of the fund one holding was split to provide investment into unrated investments with the minimum face values of $5,000. The difficulty of such an investment was revealed quickly with a lack of liquidity hampering the ability to lock in all of the capital gains on trades. Nevertheless the change in investment strategy enabled the fund to outpace the relative index.
JB Were has replaced the fund with a unit trust which allows it to better manage fixed interest investments.
Rich v Morningstar
The battle between Morningstar and its former managing director Graham Rich has taken a further step towards a conclusion with the court in Australia ordering the company to file its defence by September 20.
Rich filed his statement of claim in April. In it he is seeking substantial damages for breach of contract, breach of fiduciary duty, oppression and unfair dismissal.
Rich's lawyers sought an order from the court that Morningstar file and serve its defence without further delay.
"I'm very pleased that the courts have insisted that Morningstar get on with filing its defence," Rich says.
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