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Investigation into practices of fund managers

Investigation into practices of fund managers

The Securities Commission is to undertake an investigation into the practices of fund managers in New Zealand. This arises from concern in the United States, and more recently in Australia, about certain practices that may be detrimental to investors.

“The practices relate to the pricing of the securities in managed funds, and essentially relate to the buying or selling of units at prices that do not accurately reflect the value of the underlying assets in the fund,” Commission Chairman Jane Diplock said.

“This can occur through trading that takes place after the close of markets and through trading that takes advantage of pricing differences between local and overseas markets.”

The existence of such practices may benefit selected investors at the expense of others, particularly if the selected investors are privy to information that is not generally available.

The Commission will obtain information regarding practices in New Zealand to determine whether investors are being disadvantaged. We will publicly report our findings in due course.

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