Thirst For Global Product Pushes Winz Over $1.7B

MEDIACOM-RELEASE-AMP-ASSET-MANAGEMENT

Thirst For Global Product Pushes Winz Over $1.7 Billion

Just six months after passing $1 billion, AMP Asset Management's World Index NZ Fund (WiNZ) has passed the $1.7 billion mark, making it easily New Zealand's largest single sector fund.

AMPAM's WiNZ fund is now larger than the total assets under management of 30 of the 40 New Zealand fund managers.

Initially listed in late 1997, local investors' thirst for cost efficient global investment has given WiNZ exponential growth. New Zealanders invested $400 million in 1998, $600 million in 1999 and $700 million in the first six months of 2000.

"The huge local demand for flexible global investment and its strong performance has seen WiNZ become a New Zealand investment success story," said Murray Gribben, AMPAM managing director.

"And to assist smaller investors in gaining access to offshore markets we have now decided to reduce the minimum shareholding in WiNZ from 3000 to 1000 units. This means that, based on today's share prices, retail investors can get cost efficient global exposure for as little as $2280."

WiNZ is a passive international equities fund which tracks stocks in a modified Morgan Stanley Capital Index (MSCI), giving investors direct exposure to a global portfolio of around 250 listed companies.

"The local thirst for cost efficient, locally serviced global investment is such that we're about to launch a complete suite of global investments through a joint venture with our sister company, Henderson Investors, in the United Kingdom. This will allow sector and region specific global investment."

"It's also great to see the WiNZ share price at $2:28, after having listed at just $1:10 two years ago. This means that investors have enjoyed potential returns of around 45% per annum, annualised over that time."

AMP Asset Management is New Zealand's largest funds manager, managing a total portfolio of over $9 billion. It was also the recipient of the 1999/2000 IPAC Fund Manager of the Year Award.

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