Shares preform

WHILE a number of industry observers have concluded that active international shares managers have been unable to out-perform index managers, InTech Research believes its latest survey tells a different story.

The survey shows that the median international share manager delivered a return of 2.7 per cent over the five years to December 31 compared with the benchmark return from the MSCI world unhedged.

“The analysis confirms yet again the danger of drawing conclusions from an analysis of a single static period. Just because managers under-performed over a period as long as five years to March 1999 does not necessarily imply that active management is not worthwhile,” InTech chief investment officer Ron Liling said.

Trezona banned

FORMER Applecross financial adviser Kevin Trezona has been permanently banned by the Australian Securities and Investments Commission from acting as a representative of a dealer or an investment adviser.

Mr Trezona was the authorised representative and director of Investment Planners (Australia) Pty Limited from 1989 to June 2002.

Mr Trezona has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s ban.

JP Morgan to InTech

JP Morgan is replacing Cogent Investment Operations as custody and administration provider for InTech Fiduciaries Limited, the responsible entity for the InTech Investment Trusts.

New ITSA offices

THE Insolvency and Trustee Service Australia (ITSA) has opened new offices in Perth at Level 12, Durack Centre, 263 Adelaide Terrace.

ITSA is currently working on implementing the Federal Government’s clampdown on bankruptcy laws. The Bankruptcy Legislation Amendment Act 2002 was passed by parliament last month to address perceptions that bankruptcy was becoming too easy.

ITSA provides information to debtors about bankruptcy, registers new bankruptcies and debt agreements, administers bankrupt estates and regulates practitioners within the system.

ITSA is also conducting a review of Part X of the Bankruptcy Act, which allows debtors to make arrange-ments with creditors without going bankrupt.

Super funds trouble

THE Australian Prudential Regulatory Authority is prosecuting 21 super fund defaulters for late or non-lodgement of the 2001-02 annual superannuation fund return. The number of cases brought to the Director of Public Prosecutions has increased on the previous year but overall compliance has improved from 36 per cent of returns received on time for the year 2000 to 93 per cent of the year ended June 2002.

Sanford subdued

SANFORD Limited has reported revenue of $5.4 million for the December quarter, compared with $5.3 million in the previous quarter, while cash reserves have increased by $816,000, to $3.1 million. It recorded a $75,000 loss for the quarter compared with $147,000 in the previous quarter.

On January 15, IWL Ltd launched a takeover offer for Sanford.