Rates Round Up
Cash PIEs get classified as category 2 products; Hawkins' Cynotech falls into the red; Blue Star capital bonds still not paying interest; Craigs Investment Partners fee shrinks 14% on call deposit fund.
Sunday, June 20th 2010, 9:34PM
by Paul McBeth
Cash PIEs get classified as category 2 products
Cash and term portfolio investment entities (PIEs) will be classified as category 2 products under amendments to financial adviser regulation, after Parliament's Commerce Committee questioned officials as to whether they require an authorised adviser to sell them.
Initially flagged as only applying to bank PIEs, the committee took on advice to expand it to all PIEs on offer in the final report on the legislation.
Hawkins' Cynotech falls into the red
Former 1980s highflyer Allan Hawkins' Cynotech Holdings fell into the red after the company wrote down the value of some loans pending repayment arrangements being made or being reinstalled.
The company made a $2.7 million loss in the 15 months ended March 31, after posting a $1.2 million loss in the 12 months through December, writing down $2.2 million from its loan book.
Blue Star capital bonds still not paying interest
Blue Star Group reminded investors not to expect an interest payment on its capital bonds this month, after it suspended them last September. The firm does not expect to make any interest payments this calendar year, and the total interest has accrued at an annual step-up rate of 13.1%.
Craigs Investment Partners fee shrinks 14% on call deposit fund
Craigs Investment Partners' management fee on the CIP Cash Management Trust shrank 14% to $2.9 million last year, as the fund's interest income more than halved to $14.7 million, and its deposit accounts fell to $598 million from $659.2 million in 2008.
Paul is a staff writer for Good Returns based in Wellington.
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