News Round Up

ABN Amro launches capital protected fund, Goldman Sachs takes stake in CFD coy, Turning loyalty points into savings.

Monday, November 26th 2007, 5:36AM

ABN Amro has today launched its Global Equities Hindsight Securities. These are capital protected five-year securities that track the BRIC economies.

"The Hindsight Securities allow investors to target a high yield and achieve risk diversification from global equity indices," ABN Amro says.

These are classed as equity investment and are subject to the FDR tax regime.

The securities have a "hindsight mechanism" that reduces performance volatility. Investors can benefit from up to 1.3-1.7 times the positive performance of the underlying indices.

Goldman Sachs takes stake in CFD coy

Goldman Sachs plans to take a 10% stake in CFD company CMC Markets, subject to regulatory approvals and other pre-completion conditions.

CMC Markets is a market leading global retail CFD company. Executive chairman Peter Cruddas says Goldman Sachs "shares our vision and drive to grow the business over the coming years. We have been growing at 40% annually and have expanded our presence to 22 offices globally but there are considerable opportunities still to realise."

He says there are "exciting synergies for the business that would be difficult to match from any other investor, and by bringing together the liquidity and technological expertise of both parties we will be able to deliver real benefits to our customers and create new and exciting opportunities for CMC globally."

Turning loyalty points into savings
Westpac customers can now convert their credit card "hotpoints" into KiwiSaver contribution.

Hotpoints are a loyalty programme for customers who use Westpac's credit cards.

Westpac's Head of Wealth Management, Tracey Berry, says this innovative addition to Westpac's KiwiSaver offering has been designed to make saving for retirement even easier for New Zealanders.

"By introducing hotpoints as a form of KiwiSaver contribution we hope to encourage New Zealanders to save more for their retirement and provide another way for Kiwis to contribute to the retirement savings of those people important to them.

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