News round-up

Fund services development group formed
A group titled the International Fund Services Development Group has been created to advise the government on the steps required to create an international fund services industry.

The group will consider what is needed to establish such an industry in New Zealand and associated activities, including making New Zealand a popular funds domicile.

It will also examine what regulation will be needed and how this could strengthen the funds management industry and capital markets.

The group is chaired by entrepreneur and professional director Craig Stobo. Other members are Caniwi Capital Partners chair and chief executive Troy Bowker, Citigroup New Zealand chief executive Mark Fitzgerald, BNP Paribas New Zealand chief executive Hugh Stevens and Tower Investments chief executive Sam Stubbs.