News Round Up
Salvus picks up in August, Disclosure bill lapses, Private equity fund makes first buy, Tower sells Wellington home, ASB profits, so too Morningstar. KiwiSaver Morgan's latest target.
Monday, August 15th 2005, 6:37AM
The Salvus listed investment trust under performed its benchmark index in July as it was not holding stocks which featured in corporate activity, most noticeably Wrightson and Pyne Gould.
“The good news is that most of July's under-performance was reversed in the first week of August when two large holdings for the fund appreciated significantly (42 Below and Skellmax),” the company says. Over the month the fund continued to be active and increased its weighting in Abano Healthcare and Lyttelton Port.
In the year to August 5, the benchmark has increased 1.8% versus Salvus’s NAV rise of 5.2%, resulting in an out performance of 3.4%.
Disclosure bill lapses
A number of bills before House have lapsed following the dissolution of Parliament last week. The dissolution affects the Securities Legislation Bill covers a range of matters including disclosure by investment advisers and investment brokers.
It also tightens regulations covering security holders' disclosures of interests (so as to better identify substantial security holders) and market manipulation and tightens rules on insider trading.
Parliamentary business that has lapsed on the expiry or dissolution of Parliament may be reinstated by resolution of the next Parliament.
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Private equity fund makes first buy AMP Capital head of alternative investments Murray Gribben said the investment was projected to return healthy results based on the solid fundamentals and growth prospects of CS. “As the recently launched AMP Pencarrow Fund’s first investment, CS Company represents the sort of quality business in a growth industry that we are looking for. The AMP Pencarrow Fund has a tight investment mandate focusing only on local MBOs and expansion capital transactions. Tower sells Wellington home “This property is owned by our policyholders and this offer is a good one for them,” Tower chief executive Jim Minto says. “Our policyholders will benefit from diversifying their investment and the sale at this time on these terms is in their best interests.” Tower’s New Zealand Investment business is centred on Wellington and will continue to lease office space in the Customhouse Quay building for at least the next four years. ASB profits Funds under management sold through the bank channel reached $1.8 billion, an increase of 12% from 2004. The mortgage price war between banks during the year saw ASB increase lending volumes and market share. It also accelerated the move by borrowers from floating mortgage rates to fixed lending rates, particularly the two-year term. (One of the reasons it closed two mortgage funds). So to does Morningstar KiwiSaver Morgan's new target Special Offers
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The recently launched AMP Pencarrow private equity fund has entered into a joint investment with AMP’s retail private capital fund to purchase a significant stake in marketing and distribution company, CS Company.
Tower has sold its Customhouse Quay building in Wellington for $23.45m to an undisclosed New Zealand buyer.
ASB Bank increased its after tax operating profit by 21% to $382.8 million for the 12 months ending 30 June 2005.
Nasdaq-listed Morningstar Inc last week announced its second quarter 2005 financial results. The company reported consolidated revenue of US$56.2 million, a 30% increase over the corresponding period last year. In the six months ended June 30, 2005, revenue increased US$25.0 million, or 30%, to US$109.4 million compared with US$84.4 million in the six months ended June 30, 2004.
Financial adviser Gareth Morgan has had a crack at KiwiSaver in his latest weekend column. He says once it is in place "it’s a very easy step to make it compulsory and to force employers to contribute as well. Wait for the Labour’s next Budget."
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