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 taskforce | Sovereign takes regulation bull by the horns » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved