News Round Up

Balanced funds perform well, Looking for a new job, ACC posts good returns. Who is Money Managers top investment adviser?

Monday, January 26th 2004, 9:58PM

Last year was a good one for the balanced funds covered in Melville Jessup Weaver’s wholesale survey.

It says the average balanced fund “achieved a positive return of 10.3% after fees and tax, a very welcome relief compared to the previous year’s result of negative 8.5%.”

The results varied from 7.5% for BNZ Investment Management to 15.1% for Arcus.

Principal drivers for the relative outcomes were a fund’s exposure to the local share sector, and its currency position, with a low exposure to currency the key.

The funds which have done well were managed by; BT Funds Management (assisted by a large tax refund), Guardian Trust Funds Management and AMP Capital.

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Investment income boosts ACC surplus
ACC’s investment funds have produced a better-than-expected returns in the six months to December 31.

The corporation says strong equity markets, careful investment and solid scheme performance drove the performance.

Its surplus in the period was $279 million, compared to $23 million in the corresponding period last year.

ACC’s investment portfolio is now more than $5 billion.

Strong domestic and international equity returns partially offset by weakness in the domestic bond market.

Money Managers top adviser
Money Managers’ Whakatane manager Rae Fairest has been named as the firm's investment adviser of the year.

“The title is awarded each year to the individual who gains the highest average ranking across 34 separate measures of performance in providing investment advice to their local market,” the company says.

The areas measured include service standards and processes, compliance with current academic consensus and the rules of professional bodies, quality of investment advice, sales and marketing, continuing education, administration standards, community support and leadership.

Other finalists for Investment Adviser of the Year were Jon Davies, Pukekohe; Phil Kennard, Blenheim; Bob Niemiec, Hamilton; and Ian Shore, Dunedin.

Money Managers Blenheim office was rated the top, and Ivan Erceg (Henderson) was named young investment adviser of the year.

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