BNZ Investment Management resolving tax values in investment funds
BNZ Investment Management Limited (BNZIM) has identified incorrect tax values in five of its investment funds that
affect the total asset values of each fund.
BNZIM is taking steps to correct this and intends to ensure that customers’ investments will not be adversely impacted.
To protect the interests of all investors, BNZIM has temporarily ceased accepting contributions into the five affected
funds and instigated a comprehensive review. BNZIM will contact affected investors to inform them of their individual
circumstances.
Two of the funds are the BNZ Balanced Fund and the BNZ Active Growth Fund. These funds hold a combined asset value of
approximately $130 million. Approximately 1% of this value is represented by the incorrect tax values.
The other funds are the Future Lifestyle Plan’s Conservative Growth Fund, Balanced Growth Fund, and Dynamic Growth Fund.
These funds hold combined assets of approximately $300 million. Approximately 2% of this value is represented by the
incorrect tax values.
Investors who have withdrawn funds in the past have generally been advantaged and BNZIM will not be seeking any refund
from them. BNZIM intends to recompense customers whose investments have been adversely impacted.
Withdrawals from the funds are being processed in the usual manner. However, the issue affects accurate valuation of the
funds, so investors may receive a positive adjustment after making a withdrawal.
BNZ Investment Management Limited is a related company of Bank of New Zealand and National Australia Bank.