Weekly briefs

Unions get super; Fund flows positive; Jardine Fleming Asia Pacific considers its future

Monday, November 3rd 1997, 12:00AM

Union super
Tower Group Services has won the job managing a superannuation scheme for five unions.
The Public Service Union (PSA) and the Education Sector Unions ASTE, NZEI, PPTA and TIASA will share ownership of the Careplan Retirement Trust.
The unions say one of the few positive benefits to come from the superannuation referendum is a heightened awareness of the need to save for retirement. The scheme is another union membership benefit designed to help its members.
The scheme offers flexibility and a choice of investment funds.

BT Funds Management and Tower Portfolio Management will be the scheme's two investment managers.

Wind-up considered
Shareholders in the New Zealand listed investment company Jardine Fleming Asia Pacific could be asked to wind the company up.
Jardine told the stock exchange that its articles of association could require the board to call a shareholder meeting to consider a wind-up.
"Given the company's recent share price history, the board anticipates calling a meeting of shareholders in early 1998 to propose a course of action," the company said.

Funds flowing
The latest fund flow figures from research houses show some good signs for the industry.
According to IPAC Securities retail managed funds gained $321 million in the September quarter.
Investors are favouring international equity funds and diversified superannuation funds and are putting less into cash based products especially those used for surtax protection.
IPAC say net funds under management increased 4.4 per cent in the quarter with net funds flow providing 2.5 per cent of the increase, and the remainder came from increases in asset value provided by strong financial markets.
Net funds under management now stands at $13.1 billion.
National Mutual, BT Funds Management, BNZ Financial Services, NZ Funds Management and AMP were attracted the most money during the quarter.

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