Mortgage fund frozen as trustee dumps manager

Mortgage fund frozen as trustee dumps manager
Paul McBeth
The 600 or so investors in the NZ Mortgage Income Trust (No 2) Fund have had their funds frozen as supervisor Trustees Executors dumped the manager and installed a new one to wind up the fund.Trustees Executors said Fund Managers Otago hasn’t been able to address issues related to governance, compliance, solvency and regulatory breaches, so it asked the Financial Markets Authority to appoint KPMG Restructuring Services as a temporary manager.The fund’s investments were largely cash deposits with banks and loans with first-ranking se...

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