2 Comments 2 CommentsFamily trusts look like coming in for more scrutiny from the government according to NZ Trustees Services director Johnathan Cron.
He says there are real problems around the administration of trusts particularly with record keeping. Poor record keeping could see some trustees end facing legal action.
Cron also says there is an issue around whether or not trusts are serving the purpose they were established for.
Currently the government is looking at issues around family trusts and he expects there to be changes. Cron has written a comprehensive guide to family trusts. You can find out more about it at Good Returns' bookshop www.intelligentinvestor.co.nz
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Register of providers opens
The Financial Service Providers Register opens today, marking the first step in implementing legislation to overhaul the sector.
Commerce Minister Simon Power said the opening of the register is the start of the regulation proper, which will see advisers subject to minimum standards of disclosure, competence, conduct and accountability. <Read on>
Morningstar rates Fishers' Intl fund
Morningstar has given Fisher International Growth trust "recommended" status. It says the fund is worthy of being "a supporting player" in diversified portfolio.
The fund has a small cap bias and follows the Fisher Funds philosophy of investing in growth companies.
The main risks the fund faces are that it: invests in emerging economies and global smaller companies; its performance fee is not levied against an appropriate hurdle and it has a short track record (launched in November 2007).
German bank completes Craigs buy
Deutsche Bank has completed its investment in Craigs Investment Partners, buying up 49.9% of the broking firm for $36.75 million.
The deal, which saw the local unit of the German bank pay $29.92 a share, according to the investment statement and prospectus lodged with the Companies Office last month.
Deutsche Bank replaces Craigs' partner ABN Amro, which sold out last year at a big discount when the Royal Bank of Scotland got out of its New Zealand operations, and will combine the broker's equity and debt capital markets teams with the bank's corporate finance team.
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Why do you give these guys credibility by publishing their unsubstantiated fear-mongering designed to drive trustees into their arms?
Aren't these the people who claim that potentially 75% of NZ trusts are shams? That sort of stuff must be defamatory against the huge number of lawyers accountants planners and other advisers who do the job properly.