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News Round Up

This week's News Round Up is all about fund restructures and changes at BT, Rural Property Trust and MFS.

Monday, October 6th 2003, 12:48AM
BT Funds Management is restructuring its Australian funds, which sees some closed to new investments.

It primary product range will be BT Investment Funds, and the closed funds will be under the BT Classic Investment Funds name.

Six funds will be closed to new investors, but existing unitholders may keep adding to these funds. Four other funds, including the Pacific Basin, European Growth, American Growth and Japanese Growth Funds are having their names changed.

BT is also increasing its fees, changing some of the asset alloactions and some benchmark indices.

W&K splits off NZRPT
Williams and Kettle is to carry out a restructuring involving its 32% stake and contract to manage the New Zealand Rural Property Trust with the intention of increasing focus on the core rural services business.

Chairman John Bayly says W&K intends to distribute shares in Rural Equities Ltd, which will have as its principle assets the 32% NZRPT stake and the management contract, to individual W&K shareholders, on a pro-rata basis.

"We have decided to separate our income producing assets in the rural services business from the lower yielding NZRPT capital growth assets. This will result in W&K becoming a pure rural services company and Rural Equities Ltd will be clearly identified as a separate land based capital growth company. Both companies will then be able to focus on their respective core businesses, rural services for W&K and rural property for Rural Equities Limited."

MFS mortgage fund becoming unavailable
A pooled first mortgage investment based on the booming Australian property market is to be closed to New Zealand investors on October 31.

Australian mortgage specialists McLaughlins Financial Services says it will not renew the New Zealand investment statement for its Capital Insured Income Fund when it expires.

MFS Group national distribution manager Hugo Driemeyer says the move is consistent with MFS¹s focus on further developing its already significant New Zealand based investments with Australian exposure, rather than Australian based products being distributed in New Zealand.

« GSF winds back intl share exposureSovereign takes regulation bull by the horns »

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Full Rates Table | Compare Rates

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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