The trust was set up to manage the proceeds of the sale of the PAA's holiday homes. Its purpose is to promote and educate financial advisers.

Trevor Slater, spokesman for the trust, said it had made its first two grants, of $20,000 each.

One was to Financial Advice New Zealand, for research into "awareness of financial advice in the wider community" to help their promotion of the work of financial advisers.

Life Info received money to fund its not-for-profit work developing the life-info.org.nz consumer website, which gives information about insurance.

Slater said the trustees felt these grants were appropriate because the trust had received more than the $2 million it had expected.

There had been an unexpected tax refund for the PAA through the wind-up process.

"In light of current regulatory changes facing advisers, both of the applications are ones which will benefit and endorse the work of financial advisers in New Zealand."

The trustees also agreed to create an information website to include the legacy history of the funds from the PAA, the trust objectives, contact details, and information on how people could apply for a grant.

The $2.1 million left over after the grants were made has been invested, with $1.055 million with each of Jarden NZ and JMI Wealth.

Slater said the trust had received submissions from four investment managers who had the credentials required to manage the money.

There is also $20,000 left in a cash account for operating expenses.

Slater said it had not yet been decided how much money would be given in grants each year.

"To a great extent the amount we will be giving as grants will depend on the investment returns and any proposal submitted to the trustees. If we look at a very conservative return this will provide $40,000. However, when we know the return the trustees will then decide how much to make available."