News Round Up

Investment statements to change. New name, new focus for manager.

Monday, January 7th 2008, 9:37AM

Investment statements will need to be altered when the new investment adviser disclosure laws come into force on February 28.

The key changes is in the "Important Information". The Securities Commission, says the "changes to investment adviser disclosure laws are significant".

However it has indicated it will allow existing stocks of investment statements which don't comply with the new laws to be used after February 28.

"Issuers who distribute existing investment statements after that date can take steps to ensure that the information about investment advisers in their investment statements is not inaccurate by distributing a copy of the new investment adviser statement with each investment statement (or they could amend an existing investment statement by placing the new statement over the old).

"The commission encourages issuers to take steps such as these to inform investors about their rights under the new investment adviser law, but does not have any objection to issuers continuing to use existing stocks of investment statements."

New name, new focus
Australian fund manager, WRF Securities, which also operates in New Zealand, has changed its name to Viento Group.

WRF has around A$335 million, with the bulk of this in fixed term property syndicates and the A$45 million balance in its diversified property fund.

However, under its new managing director, Maurice Kluge, the firm has not only changed its name, but its focus too.

He says that Viento will "specialise not only in the manufacture and distribution of intelligent and innovative property products but also other similarly stable investment solutions for both retail and institutional investors."

Viento will offer alternative investments such as infrastructure assets, private equity and fund-of-fund hedge funds.

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