News Round Up

Two offers extended, regulation sought.

Tuesday, April 10th 2007, 6:38AM

Liontamer has extended its offer period for its capital protected BRICK fund which invests in Brazil, Russia, India, China and Korea.

Liontamer says the fund will now close on May 4. "The response so far has been terrific," it says."The booster units, in particular, have found some solid support, attracting over 65% of fund flows. The fund seems to have a lot of appeal to those investors wanting some exposure to emerging markets but with the added benefit of the two levels of capital protection that BRICK Series 1 offers."

Albany offer extended too
Albany City Property Investments (ACPI) has also extended its offer period. It has raised $13 million in total from the public, with commitments for a further $6 million. The bonds are currently trading on the trading platform Unlisted.

The bond offer will remain open until May 15. ACPI has now received resource consent to construct its first office building in Albany on Auckland’s North Shore. Earthworks will commence at the site next month.

ACPIL director Garry Looker says in addition to acquiring resource consent for its new office building in Albany, ACPIL has also secured its first tenant.

Wanted: Single ombudsman

The Institute of Financial Advisers wants to see a single finance ombudsman scheme created.

It makes these comments in a submission on home equity release schemes, where it suggests HER products should be regulated by this proposed ombudsman.

"A single regulatory body for the finance sector would be best to avoid duplication and inconsistency."

It notes there is some comfort to the consumer if the scheme is regulated by a professional body such as SHERPA (Safe Home Equity Release Plans Association), however membership should be voluntary, not compulsory.

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