Rogers has paid $1.375 million for the business. Dorchester chairman Barry Graham says he is pleased with the sale. Dorchester's current strategy is to simplify the company and focus on those businesses with the most potential.
Tower launches cash PIE
Tower Investments has launched a retail cash portfolio investment entity.
The Tower Cash Fund offers investors access to the PIE taxation regime's significant tax advantages over term deposits.
"The Tower Cash Fund is Tower's latest initiative in providing investment products more relevant and competitive in the current environment where banks are competing so aggressively for deposits," says Tower CEO Sam Stubbs.
The fund invests into a low-risk portfolio of high quality cash securities with expert investment management. Interest accrues daily with tax paid annually or upon withdrawal.
Ironbridge buys Bravura
Under the terms of the deal, Ironbridge will offer Bravura's shareholders $1.73 cash per share.
However, the transaction depends on Bravura chief executive Iain Dunstan and chief operating officer Simon Woodfull retaining control of their combined 30.5% shareholding in the company.
The status of their stake has been in doubt since the collapse of margin lender Lift Capital.
Goldman Sachs signs UN's PRI
Goldman Sachs JBWere Asset Management is the first New Zealand investment manager to sign the United Nations' Principles for Responsible Investment (PRI).
The Principles are a set of global best practices for responsible investment and have become the global benchmark.
GSJBW says it is committed to considering the investment implications of environmental, social and corporate governance (ESG) issues into its investment analysis and decision making process for all its domestic managed funds.
"There is a growing expectation by investors for investment managers to incorporate ESG issues in their investment processes and we are increasingly seeing clients recognise the importance of these issues in selecting their investment managers," Stephen Walker, head of asset management said.
S&P releases first peer review and sector report
Standard & Poor's Fund Services has released its first global listed infrastructure peer review and sector report.
The report looks at whether the sector is in a price bubble or a re-rate, the different risk profiles available and whether it would be 'survival of the fittest'.
The outlook for the infrastructure sector as an asset class appears to be strong, despite the recent equity market turmoil. S&P expects more managers will enter into the sector and that some may leave or materially change their profiles.
The Magellan Infrastructure Fund is one of the funds affected, with six funds affected in all.
EUFA to launch mediation tribunal
EUFA (exposing unacceptable financial activities society) is launching an independent mediation hearing tribunal for victims of unacceptable financial activities.
EUFA is appealing to Justices of the Peace, retired judges, community-minded lawyers and retired high-ranking police officers to offer their services to be part of the new EUFA Mediation Hearing Independent Tribunal.
The tribunal will operate within New Zealand laws sighting natural justice, although the findings will not be binding.
EUFA expects to be able to launch the tribunal at the end of June 2008.
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