About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, November 15th, 6:56PM
rss
Latest Headlines

Stewart nails third capital raising

Ralph Stewart's Retirement Income Group has exceeded expectations with its latest capital raising which should enable the company to reach break-even point in 2018.

Tuesday, August 30th 2016, 6:00AM 3 Comments

Ralph Stewart

RIG set out to raise a minimum of $1.3 million in its third and latest capital raising and ended up pulling in $1.8 million.

Managing director Ralph Stewart says the additional capital will be used primarily to support future sales growth. It will also help the company meet increased capital adequacy requirements.

RIG recently changed its capital holding policy: “We have increased our policy of holding at least 100% of the required regulatory capital to 110%.

It has made this change as a key part of the company’s variable annuity product offering is around its “trust and confidence positioning.

Stewart says the capital raising gives the company a "pretty clear runway" to get from a start up into profit.

He says RIG will only need to raise more capital before then "if sales go crazy." 

It had conducted one other capital raising previously raising around $500,000 from retail investors.

One of the features of this latest capital raising is that about one quarter of the money came from Australian investors. Stewart says these investors had seen what Challenger had achieved in Australia with its products and was looking for RIG to do similar things in New Zealand.

About 18% of the people who put money in are existing investors. He says 70% of investors were professional or wholesale investors and the rest retail.

RIG is currently continuing to do work in developing a new superannuation fund that targets pension transfers.

Stewart says this makes sense as the UK Pension transfer rules require money to be invested in funds which provide a life time income in retirement.

RIG is working to develop and manager the Garrison Bridge Retirement Fund which is forecast to deliver $5 million in sales this year and $30 million next year.

The company continues to work with two KiwiSaver providers as well.

Tags: QROPS Ralph Stewart Retirement Income Group

« Associations swerve Money WeekLVR restrictions to be reviewed »

Special Offers

Comments from our readers

On 30 August 2016 at 1:05 pm Another AFA said:
Well done to Lifetime and Ralph Stewart. I'm interested in the development of the Superannuation Fund for pension transfers. Any more news on this?
On 2 September 2016 at 6:49 pm I was wondering said:
Hey Ralph, now that RIG is successful can you come back and fix up AMP? Hopefully it's not too late to save it, but urgent action is required!
On 6 September 2016 at 7:31 pm Ralph Stewart said:
I am sorry for the slow response. Yes the new multi rate PIE, registered as both a NZ Super Scheme and with HMRC as a ROPS offer will hope to be live in October. We are awaiting final sign off from fund supervisor the Public Trust and confirmation of our request foe an FMA exemption to manage the hardship issue. All going well. Sincere thanks for the interest.

On AMP, that is very kind indeed and fair to say you have got me.. I am lost for words. Best RS

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 15 November 2019 4:16pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com