Kiwis Buying up the US
Jan 20th 2004, 1:32 am
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Kiwis Buying up the US
http://www.smh.com.au/articles/2004/...360729408.html
Rich Kiwis funnel cash offshore
January 20, 2004 - 8:06AM
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Rich New Zealanders are funnelling a river of cash offshore, taking advantage of what they see as an over-valued $NZ.
ABN Amro Craigs, one of the country's biggest retail brokers, said orders to buy US assets had doubled in the past six months.
Craigs is now buying on average $NZ400,000 of US shares and bonds each day on behalf of its clients.
However, occasionally orders are reaching $NZ1 million. The broker is also seeing strong increases in demand for Australian and British assets.
"It is an obvious opportunity to diversify (investment portfolios) at these currency rates," said ABN Amro Craigs chairman and managing director Neil Craig.
The move into the US reflects overseas trends.
Rich Kiwis funnel cash offshore
January 20, 2004 - 8:06AM
Print this article
Email to a friend
Rich New Zealanders are funnelling a river of cash offshore, taking advantage of what they see as an over-valued $NZ.
ABN Amro Craigs, one of the country's biggest retail brokers, said orders to buy US assets had doubled in the past six months.
Craigs is now buying on average $NZ400,000 of US shares and bonds each day on behalf of its clients.
However, occasionally orders are reaching $NZ1 million. The broker is also seeing strong increases in demand for Australian and British assets.
"It is an obvious opportunity to diversify (investment portfolios) at these currency rates," said ABN Amro Craigs chairman and managing director Neil Craig.
The move into the US reflects overseas trends.
