First MIS licence granted

New investment company New Ground Capital has been granted the first managed investment scheme licence under the FMCA.

NGC launched in March this year.

Managing director Roy Thompson said: “We’ve built a robust investment platform under the new legislative regime and are now well positioned to develop new opportunities such as a private equity product, focusing on small and medium sized businesses...There are around 130,000 small and medium sized employers of this kind in New Zealand and they collectively account for around 28% of GDP. Traditionally they’ve been under serviced by our sector and we’re aiming to change that.”