News Round Up
Armstrong Jones joins the OEIC race, Bridgecorp insures mortgages, Reuhman sells business.
Sunday, November 26th 2000, 6:06AM
Armstrong Jones joins the OEIC raceArmstrong Jones is launching its range of 12, tax-effective UK based Open-Ended Investment Company (OEIC) funds to the market this week.
The funds, which are managed by Edinburgh Fund Managers, cover investment in the regions of Europe, Latin America, North America, the Pacific and Tokyo. Sector funds include the Financial Fund and the Technology Fund, with other markets covered by Emerging Markets, Global Equity, UK Growth and UK Smaller Companies.
Armstrong Jones managing director Paul Fyfe says long-term investors will benefit significantly from the accumulated tax savings, compared with some other New Zealand-based investments.
"We have been keen to bring such a product to New Zealand for some time," he says.
Edinburgh is a modestly sized firm with funds under management of £9 billion (NZ$32 billion).
Bridgecorp insures mortgages
Bridgecorp Holdings, which is seeking to raise $10 million through a capital notes issue, has announced an improved result for the six months to September 30.
The company has posted an unaudited after tax profit of just over $2.2 million for the period and its total assets have risen 85 per cent to $152 million, including $96 million in loans.
"The company is continuing to show significant growth and a successful capital note issue will keep the momentum going," chairman Bruce Davidson says.
The notes issue is been done to help the company to grow its finance book, which was substantially invested in mortgage securities in New Zealand and Australia.
Bridgecorp is now insuring all new mortgages through Lloyds of London.
Reuhman sells business
Nzij.co.nz has entered into a conditional agreement to buy the businesses of Reuhman & Co, Reuhman & Co Ltd and the New Zealand Investment Journal Ltd for $1.48 million.
This transaction was identified as the key transaction in NZIJ's new capital market listing prospectus.
The deal will be settled in cash ($277,500) and NZIJ shares.
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