AMPAM trumpets Henderson funds
To an accompanying fanfare about the merits of investing in global equities, AMP Asset Management has introduced nine UK-authorised unit trusts from Henderson Investors.
Tuesday, July 25th 2000, 12:00AM
The funds are all UK-authorised unit trusts, so have the edge of not having to pay capital gains tax. They can also be promoted here using British offer documents plus some extra data, now that the Securities Commission has granted an exemption for such funds to have a registered prospectus and investment statement.
Of Henderson's 20-odd funds in this category, AMPAM has picked out the following to support in this country: two diversified international funds (Henderson International and Henderson Global Bond), two sectoral (its Global Technology and Ethical funds) and five regional (UK Capital Growth, European, North American, Japan and an Asian Enterprise Fund).
UK- based investment house Henderson Investors was established over 100 years ago and was bought by AMPAM in 1998. It currently has some NZ$230 billion under management and has been S&P Micropal Investment Trust Manager of the Year the last six years in a row.
AMPAM managing director Murray Gribben said that the Henderson funds would be available through AMP advisers early next month and then through brokers, financial planners and other distribution channels.
Gribben noted that WiNZ was easily the largest single sector fund in New Zealand, with $1.7 billion under management. However, as it only invested in grey list countries (with which New Zealand has reciprocal tax treaties) there were gaps in its global coverage. For example, the only grey list company represented in Europe (bar Norway, which WiNZ doesn't cover) is Germany.
AMPAM is pushing most of the Henderson funds as "satellite" investments, saying that they give investors the ability to target particular sectors or regions while building round a "core" international investment such as WiNZ or the Henderson International Fund.
So why this type of fund instead of, say, a listed investment trust? "We wanted to provide a product that doesn't trade at a premium or a discount," Gribben said. As for pricing of the Henderson funds, "That's down to our distribution channels and will be dependent on the level of service."
In the UK at least, according to data sheets supplied at yesterday's launch, some of the funds were offered with initial charges of 5.25 per cent and annual charges of 1.50 per cent. However, Gribben said that in New Zealand the fees would be "very similar to existing retail products".
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