News Round Up
Macquarie launches Highpoint and commits itself to New Zealand, as does the PIS group. SeniorCare Property Fund looks to build more units, ASB grows in tight market.
Monday, February 14th 2005, 12:06AM
Macquarie has launched a new and improved version of its Highpoint Notes. These give investors exposure to global shares, but limit the downside risks.
To find out more about Highpoint read the Special Report here.
Still on Macquarie, the group’s deputy managing director Richard Sheppard was in New Zealand last week and reiterated the firm’s commitment to growing its presence in this country.
“New Zealand is a very important business for us and it is a focal point for our international expansion, particularly in the retail and wealth management markets.”
He says the company plans to grow organically and by acquisition.
Another Australian company to last week pledge its support to New Zealand is the Professional Investment Group.
Group chief executive Robbie Bennetts says PIS in New Zealand has grown from 27 branches to 58 in the year ending 30 July 2004 and its revenues are up by 60% for the second half of 2004.
Bennetts says that during the current boom in business, activity is key to remain in front of the pack. He urged advisers not to become complacent.
Australia's FSR an eye-opener - and failure. If the taskforce on adviser regulation goes anywhere near the Australian model all advisers in New Zealand should be concerned. Very concerned. [Read more on this]
The SeniorCare Property Trust says it has completed its 10th consecutive quarterly distribution bringing a 9.2% return to investors before tax.
It also says end of the financial year revaluations “look set for a gain on the back of a booming health care industry.”
“Indicative yields on healthcare properties have firmed significantly in the last year and we are expecting healthy revaluation reserves in the New Year.”
Because of high prices for healthcare properties the fund is looking to expand its Ranfurly Manor facility.
ASB Bank lifted its unaudited after tax operating surplus 14.6% to $183.2 million in the six months ending December despite a competitive banking industry.
“It is a good result, and is based on robust growth across the corporate, business, rural and personal sectors, and through sound productivity gains,” the bank says.
Its interest margin has fallen to an all time low of 2.18%, down from 2.28% for the same period last year – and New Zealanders currently enjoy the most competitive banking environment of like economies anywhere in the world, it says.
Other interesting news:
- Rapid Ratings says top 50 shares healthy
- Chance of interest rate rise increases
- Looking for a new job? Go to Jobline
- Housing Market definitely slowing: QVin the Good Returns' new Property section
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