News Round Up

Tower sells index fund, Comprehensive and credible rating system needed, Jim Minto features in latest investor interview, Nat Bank funds winding up, SAI opens in Christchurch.

Monday, July 3rd 2006, 5:52AM

Tower is negotiating to sell its Australian 20 Leaders Index Fund (Tortis OZY) to the NZX-owned Smartshares. Under the proposal Smartshares would take the management role.

Comprehensive and credible rating system needed
Instant Finance chief executive Richard de Lautour says that a comprehensive and credible system of assessing finance companies needs to be implemented in New Zealand. [more]

Investor Interview: Tower: Jim Minto
Jenny Ruth talks to Tower managing director Jim Minto in this month’s Sharechat Investor Interview [more]

Property Development fund a hit
The St Laurence Property Development Fund closed fully subscribed on Friday raising $20 million in total.

This comprises the initial amount of $10 million plus over-subscriptions of a further $10 million. This amount, together with the $2 million of equity that St Laurence subscribed for, creates a development fund of $22 million.

The fund gives investors access to a variety of commercial property development opportunities. It will invest in development projects ‘in partnership’ with proven and reputable developers, in projects that meet the fund’s strict investment criteria.

Nat Bank funds winding up
All the National Bank single sector unit trusts are being closed, following ING’s acquisition of the bank’s fund management business.

The formal wind-up process begins on September 29 and investors are being given the choice of transferring to an ING fund, cashing up or staying in the fund until wind up.

SAI Life arrives in Christchurch
Dorchester owned SAI Life has opened an office in Christchurch reflecting the company’s long-term commitment to the South Island.

“We see Christchurch as the natural place to have a base to service the South Island. Formally opening an SAI office here is an important step in our growth and we look forward to further developing our business through the innovative financial products we offer,” chief executive Mark Darrow says.

SAI Life aims to have 15 agents based in Christchurch by the end of the year. Fund managers supporting the savings and investment products offered by SAI include ING and ABN AMRO Craigs.

SAI Life offers reverse annuity mortgages and the SuperLife contract savings scheme.

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