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.
• Despite having clients money invested in defunct schemes like First Step, MMG charge monitoring fees for whatever money is yet to be written off from these schemes!

In our opinion, DNZ is in a  beleaguered state. The proposed restructure was withdrawn at the last minute – a costly waste of time. Now, without notice the dividend has been postponed and two Directors have resigned.

One of these Directors, Simon Botherway, has been widely critical of the DNZ structure as implemented by Money Managers. And now he leaves to presumably be replaced by two representatives of MMG. This does not feel like progress!

Overwhelmingly the members of the Money Managers Action Group believe that DNZ should be liquidated – both for economic and personal reasons.

Currently the choice is status quo, list on the sharemarket (with million dollar payouts for two people) or MMG take over board control. None of these have any appeal.

DNZ is a Frankenstein creation by Money Managers so let’s send it to its grave. Check out what the Companies Act says about companies whose actions prejudice shareholders by clicking here

If any other members would like to do this in their local area please send in an email and we will tell you how to go about it.  Remember, the more people on board, the easier it will be to get some action.

Update: The Rodney Times has carried a further story on Money Managers – click here to read more

“Club Finance was funded through a complicated investment scheme called the First Step Trusts.

Club Finance is part owned by a company associated with Doug Somers-Edgar – the founder of financial advisory group Money Managers, which sold the First Step Trusts to the public…..

Feeley said initial research had led the SFO to widen its search beyond ClubFinance.

“We are looking at the transactions more widely and some of the other parties involved.”"

Finally a public official is taking this matter seriously.

Let’s hope that the Commerce Commission takes his lead and launches and investigation of their own.

Read the story at nzherald

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
• Cash Plus
• 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/