AMP encourages Kiwis' appetite for property
New Zealanders' infamous appetite for property investment looks set to find a new outlet.
Monday, May 19th 2003, 11:12PM
by The Landlord
Internationally, property has become attractive again. Six months ago, AMP Henderson launched its Global Property Securities Fund in Australia.Internationally, the fund made a pre-tax and fee return of 7.6% for the half year to March 31 while the benchmark index rose 4%.
The Australian component of that posted a return of 9.3% (before fees and taxes), while the benchmark rose 2.4%.
A New Zealand version will be launched within the next two months, London-based portfolio manager Patrick Sumner said.
Mr Sumner, in New Zealand to talk with the local operation and also potential investors, said that with world equity markets still in the doldrums, investors were flocking to property.
He said there had been strong interest here, particularly from company-based superannuation schemes which were keen to diversify.
"The global property securities market is returning around 8-9% before tax at the moment.
That's a pretty good return in the current environment.
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