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A grand coalition of fund managers?

Now here's an idea to set the cat amongst the pigeons.

Sunday, July 13th 2003, 10:56PM

Now here's an idea to set the cat amongst the pigeons. What if, in times of difficulty, all the funds management industry banded together to grow the overall pie, and provide investors with some additional confidence in their products. A couple of recent events have engendered this thought.

One is an article by the FPIA in the Chartered Accountants Journal giving readers some comfort in the overall security and positive aspects of managed fund products.

The other was a proposition floated to me by a senior figure in the industry.

He suggested that maybe the funds management community should have got together and supported companies like Tower and AMP during their times of corporate difficulty, as undoubtedly they have suffered “brand damage” with clients, and that has a flow on effect to all managed funds and life companies.

The message the industry would put out would go something like this. These companies are having problems because of decisions made in the boardroom about expansion and corporate issues. The underlying businesses in New Zealand are still fine, and investors in managed funds products are safe as the money is held and controlled by trustees, not the company.

That message would be nice in retrospect as the markets have had a good quarter and investors should be feeling (slightly) better.

On the other hand, if no-one else will help them, it’s pleasing to see that Tower Asset Management can put on soirees and celebrate with its clients some recent achievements - such as being named Infinz Fund Manager of the Year, and winning some awards for the Bayfair property development in Tauranga.

On this same theme of help and reward, it’s interesting to see that AMP are prepared to shell out money to help their advisers through times of difficulty (even if NZ advisers have been somewhat underwhelmed by what's on offer).

See story:

AMP advisers unhappy with offer

What do you think of the idea that competitors should help funds management companies in times of trouble?

Have your say – go to the discussion forum here

Find the best deposit rate

Good Returns has established a new service to help you find the best deposit rates in the market.

Instead of laying all the rates out in a difficult to read table we have created a calculator where you can enter the term and the amount and come up with a list of options. For instance you could say: “What rates can I get for $100,000 invested for 12 months”

Try out this new service by clicking on this link. www.depositrates.co.nz

Remember to bookmark the page for future use and to tell a friend about it. (To get there from the home page of Good Returns, click on the Deposit rates button in the main left hand navigation bar).

Till next week

Philip Macalister

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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