People often ask if MMG is the same as Money Managers?
The legal answer is no, Money Managers has been liquidated and MMG is a new legal entity.
Like a phoenix, MMG has risen from the ashes of Money Managers but here are some things about MMG you may wish to consider:
- MMG employs many of the same advisors who sold people into the defunct products listed on this site (see the people page). They profited from selling these schemes yet failed to anticipate the schemes’ demise.
- MMG have as beneficial shareholders Mr Somers-Edgar, Mr Siddall & Mr Tills. These three individuals profited from First Step and now stand to profit from MMG
- Except for in respect of DNZ, no-one from MMG has ever sought to organise action on behalf of clients to help recover money lost from the failed investments listed on this site.
- MMG promotes funds established and run by NZ Funds Ltd – an entity owned by MMG owners Siddall & Tills.
- MMG claim in their disclosure statement that ”MMG was established in 1986.” The Companies Office shows MMG as being formed in May 2008. So they claim the longevity of Money Managers but not the legal liability! MMG_Corporate_Disclosure_Statement.
- MMG have received commissions from the First Step scheme despite millions being written off investors balances.
In summary, if dealing with MMG, “let the buyer beware”.
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MMG Fees
Interesting story in the Sunday Star Times (29/8/10) about MMG’s new fee structure.
Apparently they have dramatically increased fees charged so that they can come to 4% of the portfolio value.
With these fees, to beat the bank rate you need to make around 9%.
But what risks are being taken to get that type of return?!?
Here is an easy way to sleep easy with your retirement nest egg – put it in the bank (preferable a couple of them!).
Filed under: Uncategorized Tagged: | First Step, Money Managers
