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
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]
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