News Round Up

This month's Asset magazine, which is out now, focuses on the major issue of how tax losses are being treated in managed funds. There is a wide variation of practices amongst managers and some funds may be worth less than their unit prices indicate, while others may be worth more.

Also this month economist Donal Curtin reports on what he found out on a recent trip to the United States, and we talk to the chairman of financial planning group Goldridge about how the business has been set up.

On the insurance side there is a look at tax issues surrounding income insurance, plus there is a feature on software which evaluates customers' insurance needs.

In an additional extra this month we have a special feature on the FundSource Fund Manager of the Year Awards. The four page feature includes interviews with some of the winning managers about how they are managing money in these difficult times, and some of the lessons learnt.

The Awards, which are in their third year, are designed to promote excellence and professionalism in financial planning. This year they are supported by AMP, AXA New Zealand, ING, Perpetual Investments and Sovereign.

She says tellers at several banks are required to suggest that customers with substantial sums in a savings account or term deposit see an in-house investment adviser and that some customers feel they get talked into high risk investments that they may be unsuitable. She says bank staff usually get bonuses for persuading people to take out investments but do not have to tell customers about this.

Overall, Brown, received 409 dispute cases in the year to June 2002, compared to 364 cases in the previous year.

Adam arrives
Dresdner RCM Global Investors, which offers funds in New Zealand, has become Allianz Dresdner Asset Management, or adam for short.

The name change has come about because Allianz has taken over the Dresdner Bank.

Besides just a name change the new group is now able to offer a broader offering of investment styles and asset classes. These include the Dresdner RCM global equity product (with a growth style) as well as funds from Dresdner Asset Management (quant including index), Oppenheimer Capital (value), Nicholas Applegate (thematic), Allianz Hedge Fund Partners and Pimco (fixed interest).