This is a positive result for the many people who have lost millions through the dreadful products promoted by Money Managers.

However, we note that:

• not once has anyone associated with Money Managers offered an explanation or apology
• the sales agents who blindly promoted these products are reforming as individual investment businesses.
• they will still be associated with NZ Funds products – a business owned by Siddall & Tills (shadowy millionaires who profited handsomely from some of the failed Money Managers products)

Our advice remains the same. These agents failed to protect investors interests in the past so let the buyer beware!

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!).

Firstly, the Serious Fraud Office has First Step on its radar read it here -

And then we read the Commerce Commission is making inquiries as well read it here.

Lets hope that they make progress on our behalf.

We are an organization for clients of Money Managers who have suffered financial losses over the past few years and are looking for advice, support and direction on how to seek redress for the losses to their retirement nest-egg.    

Money Managers was a New Zealand based, franchised network, of sales agents who promoted mainly in-house investment products to vulnerable retired citizens.    

We are researching the actions of Money Managers, along with the actions of those who developed and ran the schemes it promoted.    

Click to join

Our members share similar stories of trusting their Money Managers sales agents without reservation. However it has now been revealed that the recommended investments were entirely inappropriate for them.    

Very conservative investors have discovered their retirement savings were used to fund a used car finance business or to finance developing geothermal projects.    

As a Group we are investigating where customer’s retirement money was invested, inquiring whether it was in accordance with promises made by sales agents and pressing for recompense where a suitable case can be established.    

By joining the Action Group members share a common purpose – working together to get their retirement savings returned.    

Our organisation has investors who have lost money on the following schemes:    

• First Step
• DNZ Property
• Cash Plus
• First Masterfund
• Orange Finance Ltd
• Orange Insurance Ltd
• Totara Funds

Please add your story to the site so others know they are not alone.    

Click on http://moneymanagersactiongroup.org.nz/our-stories/