Kiwibank has officially confirmed that it is teaming up with AMP Capital Investors to develop a range of managed funds.
"The development of the relationship with AMP Capital is important for Kiwibank as it continues to establish and implement holistic wealth development, including advisory services," Kiwibank chief executive Sam Knowles says.
The portfolio will include Conservative, Balanced, Growth and Responsible Investment Leaders Balanced Funds.
"This new arrangement enables customers to invest in funds that cover a wide range of sectors including local and international shares, property and cash providing a diversification strategy for long-term investing," Mr Knowles said.
BT closes Global Return Fund
BT Funds in Australia is winding up its Global Return Fund, which has been used by advisers in New Zealand.
Since the imposition of the temporary suspension on applications and redemptions, BT has been evaluating a number of options to lift the suspension and believes that it is in the best interests of all investors to terminate the fund and realise the assets in an orderly manner.
"To lift the suspension and reopen the fund for redemptions would mean that more liquid assets would be used to satisfy redemptions, leaving continuing investors with an increased exposure to less liquid assets," BT said.
Consequently S&P Fund Services has withdrawn its rating on the fund. The fund has been closed to applications and redemptions since December 19, 2008.
The proceeds expected from the realisation of assets should provide for an interim payment of between 10% -20% by late May 2009. During the wind-up period, the indirect cost ratio will be reduced by 40% to 0.50% per year with effect from May 1, 2009.
50 pt rate cut predicted
Reserve Bank governor Alan Bollard will probably cut interest rates again on Thursday despite tentative signs improving global sentiment and at least partly to offset the rising New Zealand dollar. [READ MORE]
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