News Round Up

The Brits are coming, Index changes, Whyte on Adviser regulation, Cullen on kamikaze Nats, Australia's largest damages case and Tower well rated.

Sunday, July 23rd 2000, 12:00AM

Online broker MoneyOnline has launched a series of UK authorised unit trusts in New Zealand and AMP Asset Management is due to roll out some of its own on Tuesday.

MOL is promoting a series of trusts managed by Barings, while AMPAM is marketing funds run by its UK subsidiary Hendersons.

For more on the arrival of UK unit trusts and open-ended investment companies, see the features section.

Adviser regulation

David Whyte, the head of the industry taskforce set up to look at the issue of adviser regulation, has spoken out on the subject. To see what he says CLICK HERE

Whyte, who is the general manager of American International Assurance, is encouraging advisers and anyone else interested in the issue to make their views known. Visit the Discussion Forum in SuperTalk to see what others are saying about this important issue.

Index changes
Fletcher Paper will be removed from the NZSE 10, 30 and 40 indices on Friday, July 28, assuming the High Court sanctions Norske Skog's takeover of the company.

As Fletcher Paper is a security of Fletcher Challenge Ltd there will be no replacement in the indices.

Cullen tries the Clint Eastwood look
Finance minister Michael Cullen says National's position on his proposal to prefund New Zealand Super is "Kamikaze politics."

National's finance spokesman Bill English says an incoming National government would use the proposed fund to cut taxes.

"If that is the message the National Party wants to take into the next election campaign, my message to the National Party is - "Make my day," Cullen says. MORE

Waltus scheme labelled fair
Waltus' plan to merger 29 of its property syndicates into one fund has been labelled fair in a report written by Deloitte Corporate Finance.

The proposal has to gain the support of 75 per cent of investors to proceed.

Ausmaq founder in Australia's largest damages case
Australia's largest ever damages claim starts in Sydney today (Monday) when the inventor of Ausmaq, John Maconochie, sues Bank of New Zealand's parent company National Australia Bank for A$50 billion.

The case centres on the deal in 1996 when NAB bought Ausmaq for A$7 million. Maconochie alleges that the bank failed to implement his business plan for developing the automated unit trust and superannuation trading system, thus deriving him of the royalties he was entitled to under the agreement.

NAB claims it discovered serious flaws in the business soon after the deal was done. It says the business failed to meet its sales targets and continued to lose money.

Maconochie also alleges NAB denied him royalties by developing four identical or similar trading systems which were used around the world.

The case, which started two years ago, begins its substantive hearing in the NSW Supreme Court in the morning.

Tower well rated
Standards and Poors has given Tower's three major operating companies financial strength ratings of A (strong) and BBB (good) long term and A-2 short term counterparty credit ratings for the holding companies.

Tower group managing director James Boonzaier described the ratings as "very positive" and said they should affirm Tower's commitment to building a secure, diversified Australasian business.

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