Weekly briefs

Guardian appoints new managers, AMP/Ergo's special deal, WiNZ wins, BNZ's new service, Tower's positive changes and Reeves Moses buys a resthom

Monday, March 30th 1998, 12:00AM

Guardian appoints new managers
Guardian Trust has appointed Morgan Stanley and Capital International as external managers for its Global Equity Fund.
To start with these two managers will each manage quarter of the fund and Guardian Trust will look after the balance, however over the next year security selection will move across totally to the offshore managers, who both use a bottom up value style.
Guardian Trust will continue to manage the currency exposure.

AMP's special deal

AMP and its telephone sales subsidiary Ergo have introduced a special six-month home loan rate of 9.75 per cent as a buffer to volatile financial markets.
While other lenders have increased their floating rates to 11.25 per cent AMP and Ergo have held theirs at 10.3 per cent.
"We believe our new interest rate of 9.75 per cent fixed for six months provides customers with a really good short term option when the financial markets are so volatile," AMP/Ergo mortgage and savings managing director Graham Meyer says.

WiNZ wins
AMP Asset Management says its passive international equity fund WINZ is the largest single sector investment fund in New Zealand now it has $440 million under management.
When it was launched seven months ago the initial offer attracted $152 million.
At the moment wholesale investors account for 62 per cent of the fund and retail investors have 38 per cent.

New service
Bank of New Zealand Financial Services has stopped distributions on all its trusts because a large number of unitholders reinvest their distributions.
Also it has introduced a regular withdrawal facility on its income generating funds, such as the cash management trust, and international bond trust.
Investors can generate a form of income payment by using this facility, which is free.
Withdrawals can be either monthly or quarterly, they have to be a minimum of $500 per frequency and they will be made on, or as close as possible to the 15th of the each month.
The service is not available on the share and multi-sector trusts which are designed for capital growth.

Positive changes
Tower Trust Services is now to pay its trails quarterly rather than annually and they will be paid on all new Tower Trust investments.
Also, the firm has moved to introducing one unit price per fund. Investors will have their entry fee deducted prior to units being allocated. The individual adviser, depending on their level of rebate will determine the entry fee.

Reeves Moses buys a rest home
The Reeves Moses Residential trust has added a 26-bed rest home in Fielding to its portfolio. The property is valued at $940,000 and has occupancy rates of 95 per cent with a rental of 10.75 per cent annually net of income.

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