Three in a row for BNZ
The Bank of New Zealand has scooped the FundSource Fund Manager of the Year Awards for an unprecedented third year in a row.
Friday, October 31st 2003, 7:09AM
He says the difference between BNZ, and Tower and BT Funds Management, which were placed second and third respectively, was very small this year.
Although Tower had the most category nominations BNZ pipped them for the overall award as their performance had been “more consistent”.
“The BNZ had the most consistent performance across all the four sectors used to select the fund manager of the year awards,” Anderson says.
A key issue in determining the awards this year was how managers accounted for tax assets within funds which have been created by losses. FundSource says there has been inconsistent treatment of these assets across the industry, which lead to differences in unit prices and performance. Anderson says FundSource has “tax-adjusted” returns to level the playing field.
That way all managers have been all measured on a like-for-like basis. He says if this wasn’t done “it would have left a hole in the awards process.”
A key feature of this year’s awards was the success of some of the smaller managers.
Perpetual Trust took out the top award in the mortgage sector while the Public Trust was runner up in two of the balanced fund categories.
Boutique firm Fisher Funds once again took out the top award for New Zealand shares. This latest accolade comes close on after the company celebrated its fifth anniversary, and had its unit price sitting steadily over the $2 mark.
No awards were made in the international fixed interest area as none of the funds passed FundSource’s quantitative and qualitative screens.
Fund Manager of the Year |
||
Winner |
Bank of New Zealand |
|
1st Runner Up |
Tower Managed Funds |
|
2nd Runner Up |
BT Funds Management |
|
Cash |
||
Winner |
Guardian Trust Financial Services |
Guardian CashPlus Fund |
Runner Up |
ING |
ANZ FlexiCash Fund |
NZ Mortgage |
||
Winner |
Perpetual Trust |
Perpetual Mortgage Fund |
Runner Up |
Tower Managed Funds |
Tower MortgagePlus Fund |
NZ Property |
||
Winner |
ING |
ING Property Securities Fund |
Runner Up |
BT Funds Management |
BT NZ Property Fund |
NZ Equity |
||
Winner |
Fisher Funds |
Fisher Funds NZ Growth Fund |
Runner Up |
National Bank of New Zealand |
Thoroughbred NZ Equity Growth Trust |
International Equities |
||
Winner |
Tower Managed Funds |
Tower GAM Global Gateway Fund |
NZ Fixed Interest |
||
Winner |
Asteron |
Asteron Corporate Bond Trust |
Runner Up |
Asteron |
Asteron NZ Fixed Interest Trust |
International Fixed Interest |
||
No Award |
||
Diversified Defensive |
||
Winner |
Tower Managed Funds |
Tower Tasman Conservative Growth |
Runner Up |
Public Trust |
Public Trust Defensive Fund |
Diversified Balanced |
||
Winner |
Tower Managed Funds |
Tower Tasman Balanced Growth |
Runner Up |
Public Trust |
Public Trust Balanced Fund |
Diversified Growth |
||
Winner |
BT Funds Management |
BT NZ Managed Growth Fund |
Runner Up |
National Bank |
Thoroughbred Growth Trust |
Note: NZ Funds Management, who receives asset allocation and fund manager selection advice from FundSource, was not considered for the Fund Manager of the Year Award. |
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