New Speaker David Carter makes parting gift to the rural sector.
Aggrieved investors are calling for the Financial Markets Authority to reopen an investigation into Guardian Trust’s frozen Cash Plus Fund.
They point to evidence that was either not available or was overlooked by the former Securities Commission when it investigated in 2009.
The commission found Guardian Trust had misled investors but decided not to prosecute based on its reasoning that the breaches were not material.
Investors, however, still do not accept the decision and NBR can now reveal they have presented new evidence to the FMA, which took over the functions of the Securities Commission in May this year.
Pyne Gould Corp subsidiary Torchlight Investment Group (TIG) is on the look out for counter cyclical investments after raising $150 million from local and overseas investors.
TIG – chaired by PGC shareholder George Kerr – said its Torchlight Fund No 1 fund could grow to $170 million following reserved allocations.
TIG has already been active in the market this year, arranging a $100 million loan for troubled finance company South Canterbury Finance.
Media commentator and fund manager Brian Gaynor never shies away from having a crack at management fees so it will be interesting what he makes of Morningstar's assessment of his own KiwiSaver fund.
By and large the fund rating agency gave Milford's Aggressive portfolio the thumbs up in a recent assessment, noting that Mr Gaynor has maintained a bearish outlook on markets so the portfolio has been heavily invested in cash (around 70% since launch).
That helped the fund record a one year return of 8.13%, against the NZSX-50 index’s -25% return over the same period.