Edinburgh looking at its options
Edinburgh Fund Managers are looking to get its suspended OEIC funds back on the market soon.
Wednesday, May 28th 2003, 8:45PM
by Philip Macalister
Edinburgh Fund Managers are looking to return their suspended funds to the market, but haven’t decided when this may happen.
Edinburgh is the issuer of a series of tax-effective United Kingdom-based Open Ended Investment Companies which are distributed under an exemption notice in New Zealand by ING.
The company withdrew the products last month as “it appears that some updated fund documents were not filed with the Registrar of Companies immediately. However, Edinburgh believes that all relevant information was given or was available to investors at all material times.”
Anderson says the company says it suspended the funds after ING brought to its attention all the press regarding BT’s problems with exemption notices.
“It is Edinburgh Unit Trust Managers’ intention to return (the funds) to the New Zealand market as soon as possible,” Edinburgh’s Nigel Anderson says.
Investors have put about $50 million into Edinburgh funds since they came to the market. The company says that if there has been a breach, it will affect all the Edinburgh funds offered in New Zealand since the date of the breach.
However, it is still unclear on how many individual investors could be affected.
Currently Edinburgh is looking at its options and is in discussions with the Securities Commission.
“(We) are looking at a number of options for resolution including Court orders or a legislative solution for the industry,” Anderson says.
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