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Platforms could be regulated, Arcus rolls out new income fund, Super returns for fund, NZX disappointed with NZAX performance. Comment: Dunne deluded or ill-informed.

Monday, September 4th 2006, 6:32AM
One of the surprises in the Ministry of Economic Development's discusssion papers on the non-bank sector is that it had been looking into platorms and portfolio management systems (PMS) and consumer redress for clients of advisers.

With all the other sectors covered MED had developed industry working groups to help write the papers. The other two were done by MED itself.

The department says that there should be some regulation and registration of players in the platform/PMS market. One of its concerns were that clients may be unaware of the fees they are paying for these services.

In the area of consumer redress it has floated the idea of an ombudsman service which covers all the industry.

Arcus rolls out income fund


Arcus Investment Management has developed a fund that invests in a diversified blend of income strategies.

The fund will primarily invest into three diversified pools of assets, all of which are managed by AllianceBernstein. The pools will hold a wide range of assets including emerging market debt, local and international mortgages, collaterised mortgage and debt obligations, and high yielding investment grade bonds.

Arcus modelling suggests that the fund will achieve a rate of return of approximately 1 percent after fees above New Zealand 90-day bank bills over a full market cycle, and will therefore provide an attractive alternative for retail investors to finance company debentures.

Super returns for fund
The New Zealand Superannuation Fund earned $1.44 billion in the year to June for a 19.2% return.

In the 12 months to June 30, assets of the fund grew from $6.6 billion to $10.1b (net of current and deferred tax). The growth consisted of $2.3b in Government contributions and $1.4b in pre-tax investment income.

NZX disappointed with NZAX performance
New Zealand Exchange is disappointed with the progress of its alternative stock market launched nearly three years ago with the aim to attract smaller companies.

The NZAX, intended to make it easier and cheaper for small to medium sized companies to raise capital through the public markets, had grown from 12 to 28 companies.

But NZX head of products Geoff Brown said the review of the market had been prompted because "we might have wanted to have seen a better outcome than we've got".

Comment: Dunne deluded or ill-informed
Had this response to our story and Blog on Revenue Minister Peter Dunne blaming opposition to tax changes on UK-Listed Investment Trusts. [READ IT HERE]

« Wide ranging reform proposals unveiledSovereign 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 - - -
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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 - - -
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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 - - - -
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TSB Bank 9.44 8.04 7.55 7.45
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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
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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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