News Round Up
NZX - Sex or shares?, Money Managers says it's fine, Special FPIA Convention offer, One fund less.
Sunday, June 15th 2003, 8:47PM
The Stock Exchange wants to be the poster-boy of the New Zealand market with its new name NZX (supported by an advertising campaign) but it seems it’s facing some stiff competition.
It’s not up against the Australian exchange, rather it seems there is an R18 magazine called NZX – New Zealand Sex which has been promoting itself around Auckland.
According to a complaint made to the Advertising Standards Complaints Board the mag has a billboard replicating the cover of NZX magazine in Mt Eden, Auckland. The complaint described the billboard, which had pictured Kiwigirl Shelly in a revealing bodice and Kiwigirl Kate clad in black leather, as “blatantly offensive and wanted something done about it.
For the record the board didn’t accept the complaint. We wondered what exchange’s poster boy Mark Weldon thought of the competition – we’re still waiting for the call to be returned.
Money Managers responds
Money Managers boss Doug Somers-Edgar has included an open letter to clients in the firms latest newsletter assuring them the company isn’t going bust.
In the newsletter he says Money Managers has been the target of criticism from competitors and the media and that often these groups embark on campaigns of “misinformation”.
“One of the current favourites is that Money Managers is about to go out of business.”
He says this is untrue and the company has never had any debt.
“Despite persistent attempts by competitors at misinformation, Money Managers remains a leading investment innovator,” he says.
Special FPIA Offer
Register for the Financial Planners and Insurance Adviser Conference online before the end of the month and go into a draw to win a $50 book voucher from Good Returns.
This voucher can be used to buy any of the books listed in the shop including texts required for the financial planning courses at Massey, or it can be put towards your Asset magazine subscription/renewal.
Also if you enrol before the end of the month you will benefit from a lower registration fee of $495.
Good Returns is pleased to support this year’s Success Forum, which is being held in Rotorua from July 24-26.
Register here
Find out more about the convention here
One less fund
Orion New Zealand Limited and Infratil have decided to pull out of the Government’s Venture Investment Fund (NZVIF) because of changes within their IO Fund joint venture.
The fund says it will fully repay NZVIF funds drawn down to date, plus interest and costs. Funds previously committed to the IO Fund under the NZVIF Programme now will be freed up for NZVIF investment in other VIF Seed Funds.
“The $20 million freed up by the IO Fund buyout will be added to the $15 million currently available, meaning $35 million will now be available for investment in VIF Seed Funds,” NZVIF chairman John Grant says.
The other VIF Seed Fund managers selected are: No 8 Ventures, Endeavour i-cap and TMT Ventures, with iGlobe Treasury Funds shortly to complete its documentation.
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