News Round Up

Wind-up details for NZIT out; Aust firm takes a stake in property manager; Credit Agricole sets up Down Under. Comment: What's happening at MFS?

Monday, February 4th 2008, 4:48AM

ASX-listed manager MacarthurCook has acquired a 33% stake in property fund manager Kinloch Funds Management.

Kinloch is a start-up multi-class funds manager specialising in the management of real estate and real estate securities funds within the New Zealand market.

It was established last year by Neville Todd and Mark Petersen. Todd is a board member of the Securities Commission, a founding director of Milford Asset Management and former managing director of Salomon Smith Barney in New Zealand.

"We see significant growth potential in the New Zealand savings industry and with it an emergence of new funds that specialise in direct and indirect real estate assets," MacarthurCook managing director Craig Dunstan, says.

Credit Agricole sets up Down Under
Credit Agricole, which completed a $250 mill bond offer in New Zealand last year, has set up an asset management business in Australia.

"The launch of CAAM Australia emphasises the group's commitment to Australia and New Zealand and its confidence in the local asset management industry," the company says in a statement.

Last year the company was criticised for doing a bond offer in New Zealand when it did no other business in the country.

Wind up details for NZIT out
The New Zealand Investment Trust has announced the timetable for its voluntary wind up and reconstruction.

New Zealand shareholders can receive cash, or roll over some or all their investment into the Brook Tasman Fund.

Under the announced proposals the company will be wound up on February 29. The trust's investments are currently being sold and it has about two thirds of its funds in cash, a quarter in New Zealand companies and the balance, around 8%, in listed Australian companies.

COMMENT: What's happening at MFS

What is happening at MFS in New Zealand? Is it the end of the line? Last week the company had its shares suspended from trading on the NZX and it appears that the company has gone into lock down mode. [more]

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