News Round Up
Monday, September 12th 2005, 6:49AM
Finance companies have hit back at ASB Bank’s criticism levelled at them last week.
General Finance describes the bank’s comments as “irrational”. “Over the past few years finance companies have been strong in attracting deposits whereas most fund managers have been experiencing an outflow of funds,” General Finance says.
ASFONZ doesn't like tax ideas
The Association of Superannuation Funds (ASFONZ) has formerly come out in opposition to the planned tax changes to collective investment vehicles.
Last week it released its first submission on the proposals. It agreed changes needed to be made but says the proposals put forward are “both illogical and unfair.”
ASFONZ “strongly urges the government to re-visit the basis on which CIVs and their members should be taxed.”
Instalment warrants popular
Trading in Instalment Warrants listed by UBS and ABN Amro continues to grow at a very strong rate, according to the NZX. Instalment warrant trades were up 59% to 628 in August compared with the previous month. UBS listed two Telecom warrants in July of this year whilst ABN Amro listed a broader set of 15 warrants in April this year.
Liontamer lift-off
Liontamer last week launched its capital protected international share fund aimed at capturing money coming out of funds being closed by BT Funds and Westpac.
A key feature of the fund is its booster units with offer investors a return of 150% of growth in the index.
St Laurence growth plans
St Laurence has unveiled growth plans for its Australasian business with planned new product and funding developments across its key property, mortgage, managed funds and finance divisions.
St Laurence Mortgages has advanced plans to release a dual currency debenture and a subordinated note issue, both of which are likely to be available by mid-October, and St Laurence’s Funds Management division are expecting to launch a new proportionate ownership scheme in late October.
As well as growing its client base in New Zealand, St Laurence sees Australia as the big opportunity in growing its Australian domiciled investments and Australian investors.
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