News Round Up

IFA looks for new director; Financial literacy material launched for Kiwis; Magellan fund beating the market

Monday, February 23rd 2009, 5:00AM

The Institute of Financial Advisers is looking for a new independent director to replace Ross Butler. Butler has reached the end of his allowable time on the board and steps down at the end of June.

Financial literacy material launched for Kiwis
CMC Markets is focusing on increasing the financial literacy of Kiwis this year.

The company is launching options such as podcasts and self-placed learning modules, plus is also planning on hosting seminars run by training experts.

Trading IQ is a new guide to trading, comprising of eight step-by-step modules and over 150 pages of course notes. Every new client to open an account with CMC Markets receives the guide.

“We understand the changing nature of how people access information and choose to learn, hence offering the morte traditional seminars and Trading IQ modules, through to an online TSN (trading social network) and podcasts,” general manager Sargon Elias says.

Magellan fund beating the market
The Magellan Global Fund has returned 12.87% for the six months ended 31 December 2008, compared with the market benchmark of -8.75%.

Since inception, on 1 July 2007, the net fund return was -6.58% (or -4.43% annually), which compares to the market benchmark of -27.94% over the same period.

The company said in a statement: “Whilst it is encouraging that the fund’s relative performance has been materially better than the market, we are realistic that these statistics are short term and the absolute performance since inception is far from satisfactory. Over time we are confident that the fund will achieve our investment objectives of delivering very satisfactory investment returns whilst minimising the risk of a permanent capital loss.”

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