According to an email sent to GMK members, the new report figures are now put as whole numbers rather than rounded as in the first version.
As well, a couple of paragraphs were deleted or changed while a new fee item, missing from the original report, was added.
“The 'Income Statement' and 'Statement of Changes in Members Funds' tables have been re-presented. There have been no material changes to the figures in the Financial Statements – the original Auditor’s Report stands,” the GMK message said.
Bollard pumped by non-bank regulation
Bollard said the Reserve Bank Amendment Bill (No 3) “provides a strong basis for confidence in the non-bank deposit-taking sector”.
He said the collapse of New Zealand’s finance company sector was the result of a “slow-burn” contagion.
“Investors have been exposed to significant risks in exchange for a relatively small margin over bank deposit rates,” Bollard said. “People have shifted their money from finance companies to institutions with a lower degree of risk, notably the banks.”
SCF subsidiaries renamed
South Canterbury Finance is rebranding its 13 regional subsidiaries to trade under the group name founded more than 80 years ago.
For existing lending customers there will be no changes to documentation or other terms of their contracts as a result of the name changes.
“We believe borrowers will gain confidence from knowing that they are being backed by a well established, leading finance company with strong disciplines in place to guarantee that funding lines are secure,” SCF chief operations officer Peter Bosworth says.
The 13 regional subsidiaries will disappear from view, except in Hawke’s Bay where 75%-owned Kelt Finance will continue to trade under its own name. Plant and equipment specialist Face Finance will also retain its separate identity.
And then there was one
Select Asset Management (Australia), a fund management group, has reached an agreement with Select Asset Management (New Zealand), an Auckland-based private advisory firm, to take ownership of the brand name for an undisclosed sum.
Previously there was some concern about brand confusion.
“Our businesses are quite different. We are an independent private wealth management business providing advice to high net worth clients. We are not fund managers (like the Australian business) so it was not feasible for both of us to operate in the same market space with the same name,” says Mike Newton, principal of Select (NZ).
Select (NZ) will now operate under the name Newton Ross Private Wealth Management.
Milford PIE funds have strong first year
The Milford Aggressive and Peak unit trusts, and the Aon KiwiSaver Milford Aggressive Fund have substantially outperformed the Australian and New Zealand sharemarkets over the past 12 months.
The Aggressive fund was up 7.6% (after all fees), while the Peak fund, which is more of an index relative fund, was 14.8% ahead of its benchmark.
The KiwiSaver fund, up 7.6%, is likely to be one of the top performing KiwiSaver funds over the 12 month period against other growth-orientated KiwiSaver products.
“All three PIE funds are doing very well relative to the market and we are confident that this can continue,” Milford said in a statement.
S&P confirms rating for Toyota Finance’s CP program
Standard & Poor’s (S&P) have affirmed its A-1+ short-term debate rating on Toyota Finance New Zealand’s commercial paper (CP) program.
The affirmation followed an increase in the program size to $650 million. Proceeds from the notes will be used for general working capital purposes, including the repayment or refinancing of existing debt.
The short-term rating assigned to the CP program reflects the consolidated credit strength of the Toyota group.
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