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...

More Finance

Port of Auckland to pay $45m special dividend to council
Finance

Port of Auckland to pay $45m special dividend to council

The divestment proceeds will be used to top up the Auckland Future Fund.

Oliver Lewis 27 Jun 2025
$600m in tourist spend at risk from regulation: Mastercard
Finance

$600m in tourist spend at risk from regulation: Mastercard

When Europe cut interchange fees, foreign card decline rates soared.

Pattrick Smellie 27 Jun 2025
Michael Lorimer exits Grant Samuel amid more sector change
Finance

Michael Lorimer exits Grant Samuel amid more sector change

Lorimer has sold his 80% stake in the corporate advisory firm.

Duncan Bridgeman 26 Jun 2025