Another fund frozen - AMP Capital Fund

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13 years 10 months ago #13854 by reggit
www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10524736

As this trend goes down the line to more established funds, such as this one, you've gotta hope this freeze is being done as a way to prevent a run on money from people panicking from the collapse of other less safe funds, ie as a way to stop an otherwise inevitable chain reaction as savings get pulled back and reinvested under the mattresses of homes around NZ...:(

As with Guardian Mortgage Trust, this is one wing of a larger company rather than the whole company folding...

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13 years 10 months ago #213382 by max2
I wonder how much is really known by the top money managers. About 6 months ago I was telling my Uncle (switzerland resident) about the investment rates for term deposits with banks in NZ, and his financial advisor told him to stay away from investing in NZ.

This all is parallel with what our driver told us back in December who was driving us to the airport. He mainly drives bankers on the North Shore in Sydney and he said that the sub prime loss was far greater than what the public were being told, and that the major financial heads had agreed to drip feed the info to the public over a period of time, and not in one hit.

He mentioned one international bank in particular who had taken (so he was told) the largest hit. I haven't seen them mentioned on this site to date.

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13 years 10 months ago #213384 by Prim
You do have to hope that the freeze is to prevent just as you said, the run on money by panickers (which, admittedly, we did earlier in the week).

It wld seem fair to me that all funds in all organisations were frozen to prevent just that happening. But I know very little, and that may have other ramifications ...

And, I can understand people withdrawing their money. Whilst many of the funds comprise huge figures (millions), I imagine the majority of investors are simply trying to do the best that they can with the little that they have. And wouldn't you rather have what little you have than half of it?!

And I don't think we're talking about 'greedy' investors either - I think many hope for a little more than a bank offers, or perhaps even the same but from a more diversified investment.

So, I can understand, but am shaking my head at the same time. I wonder what is going to happen next? Yikes.

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13 years 10 months ago #213387 by Prim

swaggie;187708 wrote: He mentioned one international bank in particular who had taken (so he was told) the largest hit. I haven't seen them mentioned on this site to date.

ING? They were one of the first to freeze a fund, if I remember correctly.

But I'm often wrong [:I]

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13 years 10 months ago #213389 by GrantK

swaggie;187708 wrote: He mentioned one international bank in particular who had taken (so he was told) the largest hit. I haven't seen them mentioned on this site to date.

ANZ's share price took a big hit earlier this week when some previously undisclosed exposure came to light:

www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10523998

Was that the one?

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13 years 10 months ago #213390 by reggit
I have a feeling from what I have read that a number of the major banks here have taken big hits, but have been big enough to absorb them. We haven't yet got to the stage that has been reached overseas where governments are having to bail out established banks to stop them collapsing.

Problem is that, like so many other businesses that have adapted to the last eight or so years of relative prosperity, you have to wonder how well equipped they are to cope with the sudden market constriction.

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13 years 10 months ago #213408 by Kiwi303
I wouldn't be surprised if HKSB takes a BIG hit, they're a multinational with a history of pushing the envelopes in Hong Kong where they originated.

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13 years 10 months ago #213414 by reggit
If you want a scare as to how far the subprime mess has impacted on banks internationally, google 'banks subprime' and see what you get.

At the very least it means a heck of a lot of money not in circulation.

Sickening to think that at every step of this miserable way, as people lost their homes and their investments and savings, there would have been pockets of people making big money out of it all like it was some sort of abstract game, and others hanging on their coattails getting rich off other people's misery.

(See, that's how I ended up bottom left hand corner of the political compass [}:)])

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13 years 10 months ago #213416 by max2

Prim;187713 wrote: ING? They were one of the first to freeze a fund, if I remember correctly.

But I'm often wrong [:I]


No. Not the ones I was told....

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13 years 10 months ago #214882 by hijk637
Replied by hijk637 on topic Another fund frozen - AMP Capital Fund
FFXI GIL good! !

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