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Retirement Commissioner on adviser regulation, New private equity fund, St Laurence and the Hilton, and St Laurence joins Unlisted.

Monday, August 30th 2004, 6:08AM
Retirement Commissioner Diana Crossan welcomes the idea of regulation of financial intermediaries, and says any proposals developed by the taskforce should “help build trust between consumers of financial services and financial intermediaries.”

Crossan says she has been concerned that some people are not seeking professional help in their financial planning because they are anxious about using financial intermediaries.

“To get the best results, most people need expert help with their financial planning, but some are unsure about trusting a financial intermediary.

“The more people that use a financial intermediary who gives good quality advice, the more likely it is that people will be better prepared for retirement.”

Many people in the financial services industry have been pressing for a way of monitoring, measuring and disciplining those working in it. “It’s pleasing to see the industry seeking appropriate regulation. Appropriate regulation should also help build a strong, consumer focused industry”.

ABN Amro Craigs behind private equity fund
New Zealand's fledgling private equity industry is to get its third major retail fund, following the success of Goldman Sachs JB Were's Hauraki Private Equity No 1 and No 2 Funds, which together have raised about $100 million.

But it's understood the new fund will be friendlier to mum and dad retail investors, with a much lower investment threshold than the Hauraki Funds' $25,000 minimum commitment.

A 50-50 joint venture between broking house ABN Amro Craigs and formerly listed investment company Direct Capital will look to raise $50 million, plus oversubscriptions, in early September. [MORE]

St Laurence and the Hilton
St Laurence is about to offer a proportionate ownership scheme that will acquire an interest in the Hilton Hotel building on Princes Wharf.

The Hilton is a five star hotel perched on the end of Princes Wharf in Auckland.

The projected cash return to investors for the first full accounting year is 9.25%.

Under the scheme investors will derive a base rental plus a profit share component based on the hotel’s performance.

St Laurence joins Unlisted
St Laurence Property & Finance’s convertible property notes will be tradable on internet-based exchange Unlisted from September 1.

St Laurence says it has joined Unlisted as an interim step to listing the property notes on the NZX.

“We believe Unlisted will provide a cost-effective way for our note holders to trade their notes through an established market and also provides a transparent assessment of market value,” the company says.

Currently notes are traded on St Laurence’s own secondary market.

« Associations generally supportive of new taskforceSovereign takes regulation bull by the horns »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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