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Hanover launches fund

Hanover has formally entered the funds management market offering structured finance products for retail investors.

Thursday, September 14th 2006, 6:28AM
Hanover Funds Management chief executive Perry Cornish says the new offering addresses the two biggest issues for investors – the potential for a high yield and the confidence that their capital is protected at maturity.

“Our Global Growth Fund enables regular Kiwi investors to gain exposure to the growth potential of four of the world’s leading equity markets in a way in which their capital sum is protected at maturity, and without having to pay any annual management fees.”

While capital protected products are a familiar asset class internationally, and are offered in New Zealand by other players, Hanover is the first large scale operator to commit to making them readily available to all New Zealanders.

“Investments that are structured to repay the original amount invested at the end of the investment term are generally associated with low returns, but this new investment product delivers both a potential high yield and capital protection at maturity in a single, highly attractive investment opportunity.”

Hanover’s Global Growth Fund is a five year investment which, at maturity, offers investors a potential return of 50% - the equivalent of 10% for every year invested. The return is based on the five year performance of a basket of four major global indices.

Hanover Funds Management is a member of the Hanover Group.

Funds management is a significant new business strand for the organisation – positioned alongside its finance and property and infrastructure divisions.

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