News Round Up

Legal action over Bridgecorp, Further signs housing market cooling, AMP Intl shares strategy given rating, Fisher spawns new fund.

Monday, October 8th 2007, 7:04AM

An Auckland law firm is looking to take legal action against advisers who put people's money into Bridgecorp.

It says that advisers owe their clients a "duty of care" and it is "working for victims of this finance company collapse."

Further signs housing market cooling
There are further signs that the property market is starting to ease and that prices may begin falling soon.

Last week Barfoot and Thompson's monthly Auckland sales stats showed a significant slowdown in the residential property market. Today QV has released its September statistics which also show a slowdown, albeit smaller than Barfoots.

AMP international shares strategy given rating

Morningstar has completed research on AMP's multi-manager international shares strategy and given it an investment grade status.

Investment grade is below highly recommended and recommended on Morningstar's scale.

Morningstar says AMP's international shares strategy has been going through change and is getting better: "The pieces are slowly but surely falling into place for this strategy. It's not quite there yet, but it certainly looks more attractive to us now than it used to."

Fisher spawns new fund
Fisher Funds listed international share fund IPO, Marlin Global, is expected to garner strong investor support.

The company is looking to raise $140 million and will issue one warrant with every two shares subscribed for.

Marlin will invest the offer proceeds in a portfolio of growth companies selected from approved stock exchanges around the world (excluding New Zealand and Australia), and may include unlisted growth companies.

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