News Round Up

Make up of advisory groups announced, MFS Dual Currency popular, Liontamer extends fund, Thoughts on adviser association get-togethers, New share scam. Your invitation Sign up to mortgage rate and deposit rate newsletters.

Monday, October 31st 2005, 6:52AM

The Ministry of Economic Development has established eight advisory groups to provide advice and expertise on its review of the non-bank financial sector. They will advise officials on options development, costs and benefits of various proposals and implementation. The membership of each advisory group is listed in our PEOPLE section here.

MFS happy with flows
MFS says its dual currency offer is proving attractive to investors, just as a competitor is about to enter the market. MFS says its $300 million dual currency offer is being "overwhelmed” by investors looking to invest in the strength of the Australian economy."

Since launching in early August the offer of secured debenture stock and notes has raised more than $22.5 million, with average inflows of $1.8 million per week.

Currently MFS is the main player in this niche space, but a similar offer is expected from St Laurence soon.

Liontamer extends fund
GLOBAL Series 1 extended Liontamer has extended the closing date for its international share fund, GLOBAL Series 1. The fund was due to close on 28 October, but is being kept open until 11 November. No further extensions are possible.

Blog: Thoughts on adviser associations getting together
The idea of adviser associations getting together raises its head from time-to-time.

In the latest Blog Philip Macalister provides some thoughts on the idea. Have a read of it here: http://blog.goodreturns.co.nz

New share scam
An innovative new twist is being used by overseas people who telephone New Zealanders with offers of share deals, the Securities Commission says.

It says callers use the real (or very similar) names and addresses of genuine registered securities firms in countries such as the USA, UK, Canada, Hong Kong or Germany.

The unsolicited calls to New Zealanders are followed by faxes using letterhead that is the same as that of the genuine firm except for the phone and fax numbers.

Websites that imitate those of the genuine firm are also used but the links go to the fraudsters.

The caller or the follow up letter refers to a registration number that is the genuine number of a registered securities firm.

The caller refers the Kiwi victim to an official-sounding phoney securities regulator to confirm the credentials of the share offer.

The commission’s director of enforcement, Norman Miller, says the scam has evolved to “highly sophisticated levels”, but the result is the same – people lose money.

The best news and information for you
Good Returns runs a variety of specialized mailing lists. Two of interest to readers (which you may wish to sign up to) are for mortgages and deposit rates.

The mortgage rate letter comes in a daily and a weekly format. To many it is their bible of what is happening in this space as it includes all the rate changes and commentary along with the latest news.

The Deposit Rates Newsletter is sent out fortnightly and provides you with all the latest fixed interest news including information on new offers and what is happening in the market. It also lets you find the best rates available with its unique calculator.

You can sign up for these newsletters – which are all free, by using the following links: