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Investment News

Weekly Wrap: Money coming out of New Zealand share funds

Here’s an interesting one. FundSource comments in its latest market share report that money is coming out of New Zealand share funds – no surprise really considering the views of where the market is going, yet more and more such funds are being launched.

Friday, February 3rd 2006, 2:31PM

The latest is the fund from Milford Asset Management. Our story on the Milford fund has lots of details about the thinking behind the fund.

 

Another new NZ share fund born
Impending changes to taxation rules are one of the reasons why Milford Asset Management is rolling out its own New Zealand share fund. [more]

Managed funds outflows easing
Net outflows from retail managed funds have shown signs of improvement in the three months ending December 31, according to research house FundSource. [more]

Investment issues have been on the agenda this week. BT’s economist Chris Caton has just done his annual New Zealand roadshow giving his views on the world economies. Rob Hosking discussed this with him and presents his views here.

NZ economy to keep slowing: Caton
BT Funds Management chief economist Chris Caton predicts a slowing local market offset by expansion in global equities for the year ahead. [more]

Also we have today Anthony Quirk’s monthly market review. This too is a must read as he outlines three scenarios which challenge the consensus view on economic issues.

Market review: So far so good – but will it continue?
Anthony Quirk looks at three scenarios that might cause the consensus on where economies are going to founder. [more]

News Round Up
Kingfish NAV hits record high, NZ shares not all doom and gloom, New fixed interest trading platform, Dominion to raise $40 mill, PRG sales finalised, New bid for Pero. [more]

Blog

Sharetrading on TradeMe daft idea
I’m not sure how many of you read the story the other day about Trade Me supposedly getting into the business of sharetrading / capital raising. [more]

SUPERTALK
The superannuation area is starting to get more interesting as the details of Kiwisaver get closer. This week Revenue Minister Peter Dunne released an issues paper on salary sacrifice, suggesting that some people may be using it as a rort to get out of paying tax. (My description – not his). Again this is interesting as the government set this up to encourage savings – seems it may have gone too far.

Spotlight on salary sacrifice for tax purposes
The government has started its crack down on "extreme" salary sacrifice by releasing an issues paper. [more]


Also the NZ Super Fund appointed two more managers. I read an interesting feature in the mainstream media the other day, that this fund was way better than anything fund managers sell punters and that ordinary Kiwis should be able to invest in it! Will provide some more thoughts on this in a Blog soon.

INSURANCE NEWS
TOWER has agreed to buy the Prefsure business in Australia, which makes it one of the largest life insurers across the market. This news seems to have been well-received by investors. It must certainly strengthen their hand as a life insurer. Let’s hope it goes better than their last foray into Australia!

Tower increases its Australian insurance business
Shares in Tower jumped almost two percent yesterday on the news it will purchase Australian life insurance firm, PrefSure, despite the prospect it will relegate a return to dividend payouts to the back burner.

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PEOPLE
A couple of new appointments here. AXA has appointed a new chief investment officer for its Australian and New Zealand operations. [more]

Quote of the week:
"Managers are not paid to hold cash. I hate the stuff with a passion."

Milford Asset Management's Graeme Thomas mightn’t like the stuff, but most people do.

 

 

« Market review: So far so good – but will it continue?Tax reform is like rust - it never sleeps. »

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Institution Rate 33% 39%
ANZ 0.10    0.10    0.11
ASB Bank 0.05    0.41    0.42
ASB Bank 0.05    0.59    0.56
ASB Bank 0.05    0.61    0.64
ASB Bank 0.08    0.66    0.69
ASB Bank 0.08    0.72    0.75
BNZ 0.10    0.10    0.10
Heartland Bank 0.40    0.40    0.40
Kiwibank 0.05    -    -
Kiwibank 0.25    -    -
Nelson Building Society -    -    -
SBS Bank -    -    -
TSB Bank 0.25    0.25    0.26
Westpac 0.35    0.36    0.38
Westpac 0.05    0.05    0.05
Westpac 0.35    0.36    0.38

Term Funds

Institution Rate 33% 39%
ANZ Term Fund - 90 days 0.50    0.51    0.53
ANZ Term fund - 12 months 1.40    1.44    1.50
ANZ Term Fund - 120 days 0.60    0.61    0.64
ANZ Term fund - 6 months 1.10    1.13    1.18
ANZ Term Fund - 150 days 0.70    0.72    0.75
ANZ Term Fund - 9 months 1.20    1.23    1.28
ANZ Term Fund - 18 months 1.40    1.44    1.50
ANZ Term Fund - 2 years 1.60    1.64    1.71
ANZ Term Fund - 5 years 2.10    2.17    2.26
ASB Bank Term Fund - 90 days 0.45    0.45    0.47
ASB Bank Term Fund - 6 months 1.00    1.02    1.07
ASB Bank Term Fund - 12 months 1.30    1.33    1.39
ASB Bank Term Fund - 18 months 1.45    1.49    1.55
ASB Bank Term Fund - 2 years 1.60    1.65    1.73
ASB Bank Term Fund - 5 years 2.15    2.23    2.33
ASB Bank Term Fund - 9 months 1.20    1.23    1.28
BNZ Term PIE - 120 days 0.55    0.56    0.57
BNZ Term PIE - 150 days 0.70    0.71    0.75
BNZ Term PIE - 5 years 2.15    2.23    2.33
BNZ Term PIE - 2 years 1.60    1.65    1.73
BNZ Term PIE - 18 months 1.45    1.49    1.55
BNZ Term PIE - 12 months 1.40    1.44    1.50
BNZ Term PIE - 9 months 1.30    1.33    1.39
BNZ Term PIE - 6 months 1.10    1.13    1.18
BNZ Term PIE - 90 days 0.45    0.45    0.47
Co-operative Bank PIE Term Fund - 6 months -    -    -
Heartland Bank Term Deposit PIE - 12 months 1.30    1.33    1.39
Heartland Bank Term Deposit PIE - 6 months 1.00    1.02    1.07
Heartland Bank Term Deposit PIE - 9 months 1.50    1.54    1.61
Heartland Bank Term Deposit PIE - 18 months 1.15    1.18    1.23
Heartland Bank Term Deposit PIE - 2 years 1.20    1.24    1.28
Heartland Bank Term Deposit PIE - 5 years 1.75    1.81    1.89
Kiwibank Term Deposit Fund - 90 days 0.35    0.36    0.37
Kiwibank Term Deposit Fund - 6 months 1.05    1.08    1.12
Kiwibank Term Deposit Fund - 12 months 1.20    1.23    1.28
Kiwibank Term Deposit Fund - 150 days 0.60    0.61    0.64
Kiwibank Term Deposit Fund - 120 days 0.45    0.46    0.49
Kiwibank Term Deposit Fund - 9 months 0.95    0.97    1.00
Westpac Term PIE Fund - 150 days 0.60    0.61    0.64
Westpac Term PIE Fund - 120 days 0.45    0.46    0.47
Westpac Term PIE Fund - 18 months 1.35    1.38    1.45
Westpac Term PIE Fund - 12 months 1.30    1.32    1.38
Westpac Term PIE Fund - 6 months 0.80    0.81    0.84
Westpac Term PIE Fund - 9 months 1.00    1.02    1.07
Westpac Term PIE Fund - 90 days 0.35    0.36    0.37
Westpac Term PIE Fund - 2 years 1.60    1.64    1.71
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