News Round Up

BAM man wins, Pengana's first birthday, The world then Japan, Kingfish starts buyback, AXA fund flows up, advice down, INFINZ supports academic research,

Tuesday, November 8th 2005, 6:42AM

Brook Asset Management (BAM) executive chairman Simon Botherway has won the Shareholders Association's Beacon Award. The award encourages excellence in the performance of listed company directors.

Other previous winners are Telecom chairman Roderick Deane and former Infratil chairman Kevin O'Connor.

The association said Botherway's willingness to be seen seeking clarification at shareholder meetings was unique among New Zealand fund managers. "Our association applauds and encourages action that, over time, must add immeasurably to good behaviour in board deliberations."

Pengana's first birthday
The Pengana Emerging Companies Fund has posted a solid first year, achieving strong independent recognition coupled with pleasing fund performance results, its managers report.

In its first year's performance it has generated a net return of 26.7%, outperforming the benchmark, the S&P/ASX Small Ordinaries Accumulation Index by 9.4%.

Co- portfolio manager Steve Black said the performance was "pleasing in a volatile market, especially given the strength of resources stocks which the fund does not invest in."

The fund now has A$38 million under management, with the managers committed to limiting its size to optimise performance over the medium term.

The world, then Japan
Liontamer’s GLOBAL 1 international share fund is due to close soon and it is now thinking about its next fund.

While there is no investment statement or prospectus yet, it is expected that the next fund will invest in Japan. Liontamer produces closed end, capital protected funds which are linked to the performance of an index. Its recent funds have had accelerated return features too.

INFINZ supports academic research
INFINZ is offering a prize for the best paper in investments at the 10th Annual New Zealand Finance Colloquium to be hosted by the Department of Finance and Quantitative Analysis, Otago University in January 2006.

“The chance to support the finance academic community within New Zealand was too good to turn down,” INFINZ director Paul Hocking says. “New Zealand finance academics are on a par with their peers overseas and this annual presentation of research papers is a great opportunity for industry to recognise the good work being done in our tertiary institutions” he said.

Kingfish starts buyback
Listed New Zealand share fund Kingfish has began its share buyback which should help boost its share price. First NZ Capital has been appointed to undertake buyback, which started last week.

Kingfish intends to buyback up to 2.925m ordinary shares in the period up to October 31 2006.

AXA fund flows up, advice down
AXA Asia Pacific says its funds flows in Australia and New Zealand for the nine months to September 30 have been strong. Gross retail inflows were up 39.4% to A$8.86bill (2004 - A$6.36bill), while net retail funds flow up was up 80.1% to A$4.38bill (2004 - A$2.43bill).

Advice gross flows were down 22.6% to A$254.6mill (2004 - A$328.9mill) due mainly to reduced flows in New Zealand from Spicers. AXA says “the market environment continues to remain difficult. It is expected to improve in the medium term as a result of proposed changes to New Zealand's savings and tax regime.”

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