News round-up
New water fund launched; Newton Ross buys Tauranga business; NZ Super Fund posts 4.3% return in March
Monday, April 26th 2010, 5:14AM
New water fund launched
Pathfinder Asset Management has launched the Global Water Fund - the first of its kind in New Zealand.
The fund's aim is to select and track a family of the world's leading global water indexes, which traditionally outperform other leading global market indexes.
"Now globally regarded as a strategic asset, the demand for water is escalating due to growth in the global population, farming intensity, agricultural practices and infrastructure needs," Pathfinder chairman Sandy Maier says.
Pathfinder's aim is to provide investors with a cost-efficient and transparent opportunity to access global, regional, thematic and specialised water industry-related companies.
Newton Ross buys Tauranga business
Auckland-based Newton Ross, a private wealth advisory and management business, has purchased Portfolio Professionals in Tauranga for an undisclosed sum.
Newton Ross was established in 2003 by Wayne Ross and Mike Newton to provide services to higher net worth investors and charitable trusts.
The changeover date of ownership is 1 May with the business to be rebranded under Newton Ross.
NZ Super Fund posts 4.3% return in March
The New Zealand Superannuation fund produced a 4.29% return in March, bringing its returns for the financial year to date to 22.3%.
The fund's value was lifted to $16.6 billion after a net gain in investment income last month of $679 million (after fees but before tax).
The fund's performance since June 2009 is in marked contrast to a loss the previous financial year of 22.1% and a 4.9% decline in 2007-2008.
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