(8 April 2010 – New Zealand) A private group has been formed in New Zealand to assess the country’s capability to become a financial services hub.The International Fund Services Development Group will consider the regulatory and other undertakings that would be required, and how it could strengthen the funds management industry and capital markets, Economic Development Minister Gerry Brownlee said.
Mr Brownlee added that it would include making New Zealand a funds domicile, a legal home that is the centre of the fund’s accounting and administration.
In particular the nation needs to improve its attractiveness to intermediaries who specialise in the administration and management of global funds and associated activities, Mr Brownlee said.
NZ’s transparent, stable and neutral legal systems, high quality regulatory and tax environments, deep pool of talent and unique time zone advantage together all mean New Zealand has a lot to offer, particularly in light of the global financial crisis, Mr Brownlee highlighted.
The group will report back by the end of May.