News Round Up
BT float opens for some, Investment rates continue to rise, Fisher lands good-sized Marlin. COMMENT: Memo to Dalziel: Give investors protection.
Monday, November 5th 2007, 6:46AM
Investment rates continue to riseDeposit Rate Changes: Investors are continuing to pour money into bank term deposits while the finance company sector weathers its current storm.[READ DETAILS HERE]
Fisher lands good sized Marlin
Fisher Funds raised $103 million for its closed end international share fund Marlin which listed on the NZX last week.
At the close of the week the shares ended at 89c, 9c below their listing price, however the closing price for warrants was 19.5c.
The company sought $70 million in its IPO but had the option to accept a further $70 million in oversubscriptions.
Fisher says she is pleased with the amount of money raised, and that much of the money came from existing clients: "These are difficult markets and investors are being selective, but there was clear support for our long term investment approach, our focus on picking individual stocks, and the appealing nature of growth opportunities that lie outside our local markets."
Marlin will invest in smaller growth companies from around the world (not based or listed in New Zealand or Australia). It aims to hold between 30 and 40 stocks.
BT float opens - for a few
The investment statement for the partial float of Westpac subsidiary BT Funds was released last week.
A new company BTIM is acquiring the funds management business from the bank. After that sale the New Zealand BT funds management and investment management business will continue to operate as a part of Westpac's BT Financial Group business.
COMMENT; Memo to Dalziel: Give investors protection
One of the things I was looking out for in the Cabinet reshuffle this week was what happened to the Minister of Commerce. [READ on]
The IPO is only open to people in New Zealand who own Westpac shares.
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