News Round Up
Putnum reaches agreement with SEC, Bridgecorp increases profit, Your chance to hear AMP boss Andrew Mohl.
Monday, November 17th 2003, 6:43AM
Boston-based Putnam Investment Management, which manages money for BT Funds Management, has given the US Securities and Commission Exchange some undertakings with regards to the market timing scandal and it has also agreed to a process for calculating and paying restitution for losses attributable to these practices.The SEC says that Putnam has agreed to undertake significant and far-reaching corporate governance, compliance, and ethics reforms.
"The reforms Putnam will undertake as part of the Commission's order are intended to provide real and substantial protections for mutual fund investors,” SEC Division of Enforcement director Stephen M. Cutler says in a statement.
"The required enhancements to the board oversight and compliance functions at Putnam should strengthen all aspects of Putnam's fund operations and provide investors with uncompromised representation by their fiduciaries in the boardroom and at the management company. In the meantime, we will continue pursuit of our request for penalties and other monetary relief in the ongoing administrative proceeding."
The amount of civil penalty and other monetary relief to be paid by Putnam remains open and will be determined at a later date.
Your chance to hear AMP's Andrew Mohl
AMP chief executive Andrew Mohl will be in New Zealand soon and is holding a briefing on the company.
Mohl will discuss the company's historic demerger plan, why it is good for AMPs one million shareholders and the future of the new AMP Limited in wealth management.
The presentation, organised by the Securities Institute in Australia, will be held on Monday 1 December from 12.00noon - 2.00pm at the Stamford Plaza, Albert Street Auckland.
For further information - email Securities Institute
Bridgecorp improves profit
Property finance company Bridgecorp has announced an after tax profit of $13.98 million for the year to June 30, up 76% on the 14 months to June 30 2002.
Bridgecorp Ltd is the wholly owned New Zealand operating subsidiary of Australian public unlisted company Bridgecorp Holdings Ltd.
Chairman Bruce Davidson described the result, in a statement, as good and said that increased activity in New Zealand's property sector continued to underpin the group's growth.
The company's interest and fee revenue rose to $64.3 million in the year to June 30 from $47.4 million in the 14 months ended June 2002.
Total assets were $512.7 million at June 30 2003 and total liabilities were $457.1 million.
Davidson said the group expected New Zealand's property market to remain buoyant for some time.
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