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Jenha White
Jenha White
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SPI Capital survives vote

Wednesday 24th of March 2010

Investors were concerned about the management of the syndicate after SPI Capital borrowed $1.08 million against a property without the knowledge of investors to facilitate the establishment of another syndicate.

A special meeting was held on Friday with a number of motions including one to replace SPI as manager.

SPI Capital managing director Murray Alcock said, after the meeting, the loan was undertaken with the view that the loan was consistent with the ownership and management deed and for the interest of the investors.

However, investors were concerned that the deed had been breached by the loan after Brown Lawyers, acting for investors in the syndicate, found that to be the case.

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Latest Comments
FMA wants clearer fees
@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
20 hours ago Goldcard
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@goldcard - how would you propose that a fund manager calculates the TER to include adviser fees given not all clients pay them and different advisers charge different fees, not to mention some advisors charge different fees to different clients? The advice fee gets disclosed in the adviser's disclosure statement and the statement of advice, so the client can add that to the published TER of the fund they are invested in to see how much they are paying overall.
1 day ago First time caller
FMA wants clearer fees
Schedule 4 of the FMCA regs 2014, particularly clauses 2(1) and 53(3) provide the basis for excluding individually charged advice fees from the statutory TER. This was introduced with the best of intentions, but now it is little more than an invisibility cloak for deductions from member accounts.
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