Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Australian Mortgage Fund Frees Up Monthly Payments

NEWS RELEASE
MONDAY 7 JUNE, 2004 (Available for immediate use)

Australian mortgage fund frees up monthly payments to NZ investors

New Zealand investors putting their money into Australia's best performing mortage fund will shortly be able to receive monthly distributions to their bank accounts at no charge.

LM Investment Management Ltd has changed its own bank so New Zealand investors no longer have to pay a $25 transaction charge on each monthly distribution.

New Zealand marketers Money Managers Ltd are impressed with the Australian's willingness to find a solution for New Zealand investors, who previously had to set up an Australian account or pay the bank charge.

Marketing Director Alasdair Scott said the move meant a lot to the average mortgage investor.

"Most people are looking for a regular income stream from their investment. With this development, they can get access to the top Australian fund and receive regular distributions without any deductions."

Mr Scott said despite the previous bank charge, Money Managers had placed more than $1 million in the LM Mortgage Income Fund since making it available last month.

The fund invests in first mortgages which meet LM's strict lending criteria. The fund is spread over commercial, residential, industrial, retail and vacant land, and is spread in line with the population across Australia's states.

The fund requires a minimum investment of A$10,000 with fixed terms from three to 24 months. Investors can automatically compound their monthly distributions or pay these into a bank account.

While some funds have been unable to lend out increasing inflows and have been forced to hold as much as half their assets in cash, LM's cash assets have been held steady at 8 per cent for the last two years.

Mr Scott said Money Managers had researched the Australian investment scene in order to provide clients with greater diversification and protection.

"A Lonsec report on LM says the Mortgage Income Fund should continue to provide investors with a stable income stream with a low risk of capital loss," he said.

About Money Managers:

Money Managers Ltd is New Zealand's largest investment advisory firm with 50 offices and almost $2 billion under advice.

Founded in 1985 by Doug Somers-Edgar, the company has led the industry with innovations such as master funds. FiRST Masterfund is now a $500 million fund administering five diversified portfolios and two high-yielding cash funds. Other products include:

- FiRST STEP - established in August 2000 to enable clients to spread investments across four separate trusts in proportions to suit their risk profile. The four trusts has loans totalling more than $500 million.

- Dominion Funds - set up in 1996 to identify, acquire and syndicate investment properties exclusively for Money Managers, Dominion is New Zealand¹s largest property syndicator with a portfolio exceeding $500 million.

Information about Money Managers is available online at www.moneymanagers.co.nz

About LM Investments:

LM Investments operates globally, with offices in Sydney, Hong Kong, and Bangkok. The company's headquarters are on the Gold Coast.

LM Investments is on target to achieve a A$500 million management portfolio after record cash inflows in the last quarter of 2003. Total funds under management reached A$380 million in December.

Information about LM Investments is available online at http://www.lmaustralia.com


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news