Innovative offer from St Laurence

The investment provides a set return which will be adjusted according to how the New Zealand dollar goes against the US dollar over the next three years.

St Laurence managing director Kevin Podmore says the investment is a bit speculative and is likely to appeal to people who have an understanding of what is happening in the markets.

He says it is also designed to try to show St Laurence’s innovation and that it is different to other finance companies.

He says the investment piqued the interest of advisers when it was first run past them at a recent series of road shows.

Its attraction is that it is something a little different, with the prospect of good returns considering the New Zealand dollar is at historically high levels against the greenback.

St Laurence hopes to expand its client base with the dual currency investment and help raise its profile.

Podmore says the idea of the fund comes from his days before St Laurence. It is relatively rare in New Zealand, but there have been other dual currency funds in Japan.

He says it is fairly easy for St Laurence Mortgages to go through its existing trust deed.

If it proves popular the company would like to do more such investments and would consider other currencies as well.

The Dual Currency offer is aiming to raise $10 million and is open until December 16.

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