BT sends cheques to unitholders
BT Funds Management has sent cheques to more than a 1000 investors in some of its New Zealand funds to make up for valuation errors.
Monday, August 2nd 2004, 10:29AM
The total amount being paid out hasn’t been disclosed, but it is understood to be minor in comparison with payments made by other fund managers.The biggest pool of investors effected are in BT’s Lifetime Plan, retail superannuation fund. There are about 1000 people in this fund who have received cheques of between $20 and $100 dollars.
BT says the adjustments accounted for differences between the tax balances accumulated in unit prices and the tax balances accumulated when preparing income tax returns.
“BT has reviewed the action taken and has determined that in some cases reparation is appropriate for those investors who made transactions during the period 31 March 2002 through to 25 February 2004.”
"Those investors who bought units during the relevant period who did not receive full value because the unit price was overstated have received a cheque for the difference plus interest at the Official Cash Rate. Likewise, investors who withdrew units during the relevant period who did not receive full value for their units because the unit price was understated will receive a cheque for the difference plus interest," BT says in a letter.
“No unit holder has been left in a detrimental position,” BT Funds Management head of marketing Gordon Noble-Campbell says.
The funds affected are:
BT New Zealand Investment Series (Institutional Superannuation Scheme)
- Balanced Fund
- Balanced Plus Fund
- International Share Fund
- New Zealand Bond Fund
- Managed Growth Fund
- International Share Fund
- New Zealand Bond Fund
- New Zealand Share Fund
- New Zealand Bond Fund
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