Not everyone has lost money.
In fact, a few individuals have made a lot of money from Money Managers, or from the investments schemes Money Managers promoted:
Notable amongst these are the following:
- Doug Somers Edgar
- Gerald Siddall
- Russell Tills
- Alistair Hassell
- Paul Duffy
Doug Somers-Edgar
Doug Somers-Edgar gained prominence as the owner and director of Money Managers. However he is currently a director of 35 companies, 4 of which are in liquidation or unable to pay their debts.
Some directorships of interest are:
- Independent Financial Planning limited (in Liquidation) formerly known as Money Managers
- Club Finance Limited – used car financing business
- Matrix Funding Group Limited
- Financial Trust Limited
Somers-Edgar lives in a luxury residence on the North Shore and previously featured in the NBR Rich List.
Somers-Edgar maintains an interest in Money Managers 2008 (now known as MMG) though, to our knowledge, the % shareholding has not been publicly revealed.
It is reported that sometime around 2008 Somers-Edgar sold his interest in the DNZ Management company for $15m.
In January of this year the liquidator of the original Manager Managers announced that he was distributing a final dividend payment to the shareholders (ie. ultimately Somers-Edgar and wife) amounting to $6.7m. Money Managers Liquidator report
This is sickening news for those affected by the announcement, a few weeks earlier, that the First Step Trustee had written off a further $73+ million dollars of investors money.
The NZ Funds Management Ltd Men – Gerald Siddall and Russell Tills
Gerald Siddall
Russell Tills
These two individuals were not involved in the original Money Managers per se.
Instead they developed the investment products known as First Step and Cash Plus. Through First Step in particular we believe that they earned millions.
At Sept 2009 both Siddall & Tills were directors of Calibre Asset Services Limited, which is the vehicle which managed the First Step Investment Scheme.
To read more visit Millions in ‘gratuities’ for First Step trio
To gain insight into these individuals read this background piece Old school tennis champs NZ’s hidden money-men.
Neither individual
- are directors of Money Managers or MMG Advisory Partners
- own shares directly in Money Managers or MMG Advisory Partners
However they do indirectly own New Zealand Funds Management Limited, and via this they are associated with the new Money Managers (now known as MMG) as they
- Are believed to have a beneficial interest of around 40% in MMG *
- NZ Funds (which they are directors of) have two directors of five on the Board of MMG *
- The majority of MMG’s clients investment business is being funnelled through NZ Funds*
( * source www.moneymanagers.co.nz quoting NZ Herald)
The $43m dollar men – Alastair Hassell and Paul Duffy
Alistair Hassell
Paul Duffy
These two individuals own the management company which effectively controls DNZ – they appoint the majority of the board. We get one appontee who must be from Money Managers. Our first representative was Doug Somers Edgar!
This unothordox structure was developed with Doug Somers Edgar and has enabled them all to get very rich – they recently brought out his interest in it for a reported $15m.
It is understood that each year their fees are calculated something like this:
* A management fee based on 1 per cent of total assets.
* A rent review fee equal to 15 per cent of any increase or 1 per cent of the reviewable rental, whichever was the greater.
* A property acquisition fee equal to 1 per cent of the purchase price and a disposal fee equal to 2.5 per cent of the sale price, the latter net of agent’s commission.
* A project development fee equal to 5 per cent of the total cost of a development.
* A performance fee equal to 5 per cent of the increase in total assets.
* Other fees based on the time spent by the manager on property issues.
In the last year alone DNZ paid DNZ Management Ltd $10.88 million dollars.
Admittedly they have expenses to pay from this but there certainly is some money left over for them. So much in fact that an “independent” analyst felt they deserved $43m as reimbursement for the profits forgone from cancelling this management agreement.
According to the Companies Office Mr Duffy lives downtown in Auckland. Mr Hassell resides on the Gold Coast in Australia.
Other people who profited from The Schemes were the sales agents.
Without the tireless efforts of the sales agents none of the schemes would have been possible. They obviously profited from the schemes as they received commission for having clients money invested in First Step, along with commission for redirecting the money into Orange Finance or Totara when First Step was being wound down.
Despite seeing first hand the impact on clients and having been presented with the facts, these agents have been mute. To date they have done little to seek redress for their clients.
Most of the agents still work for Money Managers II (MMG).
Presumably they are comfortable with the roles they have played in the lost millions.
Below is a list of the agents, along with contact information in case you wish to discuss it with them.
- Paul Atkinson paul.atkinson@mmg.co.nz 09 4074621 Kerikeri
- Bill Raynel bill.reynel@mmg.co.nz 09 4385678 Whangarei
- David Strong david.strong@mmg.co.nz 09 4268861 Orewa
- Brenda Whitehead brenda.whitehead@mmg.co.nz 09 9156114 Albany
- Dick Still dick.still@mmg.co.nz 09 9156111 Albany
- Kent Walter kent.walter@mmg.co.nz 09 5753393 Albany
- Elaine Spring-Rice elaine.springrice@mmg.co.nz 09 8353982 Henderson
- Ivan Erceg ivan.erceg@mmg.co.nz 09 8353982 Henderson
- Rebecca Stilton rebecca.stilton@mmg.co.nz 09 4865016 Takapuna
- Damian Fitzgibbon damian.fitzgibbon@mmg.co.nz 09 4865016 Takapuna
- Kent Walter kent.walter@mmg.co.nz 09 2729030 Botany
- Mike Jones mike.jones@mmg.co.nz 09 2729030 Botany
- Jonathon Davies jon.davies@mmg.co.nz 09 2729030 Botany
- Peter Robertson peter.robertson@mmg.co.nz 07 8392300 Hamilton
- Bob Niemiec bob.niemiec@mmg.co.nz 07 8392300 Hamilton
- Peter McAdam peter.mcadam@mmg.co.nz 07 5716300 Tauranga
- Roger Brockelsby roger.brockelsby@mmg.co.nz 07 5716300 Tauranga
- Chris Maisey chris.maisey@mmg.co.nz 07 3472069 Rotorua
- Rae Fairest rae.fairest@mmg.co.nz 07 3088113 Whakatane
- David Petre david.petre@mmg.co.nz 06 8785656 Hastings
- Ken Martin ken.martin@mmg.co.nz 06 8785656 Hastings
- Alistair Dick alistair.dick@mmg.co.nz 06 8785656 Hastings
- Neil Foreman neil.foreman@mmg.co.nz 06 8681119 Gisborne
- Warren Lovell warren.lovell@mmg.co.nz 06 7582014 New Plymouth
- Robert Stewart robert.stewart@mmg.co.nz 06 3701982 Masterton
- Lesley Stewart lesley.stewart@mmg.co.nz 06 3701982 Masterton
- Briar Roe briar.roe@mmg.co.nz 06 3675203 Levin
- David Petre david.petre@mmg.co.nz 06 3554402 Palmerston North
- Ken Martin ken.martin@mmg.co.nz 06 3554402 Palmerston North
- Kevin Sherman kevin.sherman@mmg.co.nz 06 3472285 Wanganui
- Brian Chapman brian.chapman@mmg.co.nz 04 5669483 Lower Hutt
- Megan Robey megan.robey@mmg.co.nz 04 4990560 Wellington
- Terry Collins terry.collins@mmg.co.nz 04 4990560 Wellington
- Peter Rawson peter.rawson@mmg.co.nz 03 6866860 Timaru
- Phil Kennard phil.kennard@mmg.co.nz 03 5781921 Blenheim
- Sharon Corbett sharon.corbett@mmg.co.nz 03 5781921 Blenheim
- Celia Dasler celia.dasler@mmg.co.nz 03 5458029 Nelson
- Robert Blackmore rob.blackmore@mmg.co.nz 03 5458029 Nelson
- Ian Shore ian.shore@mmg.co.nz 03 4776076 Dunedin
- Leanne Ellis leanne.ellis@mmg.co.nz 03 4776076 Dunedin
- Lyn Walker lyn.walker@mmg.co.nz 03 3772929 Chch
- Jeremy Simpson jeremy.simpson@mmg.co.nz 03 3772929 Chch
- Joy Muldrew joy.muldrew@mmg.co.nz 03 3772929 Chch
- Bernard Duncan bernard.duncan@mmg.co.nz 03 3772929 Chch
- Lawrence Rohan lawrence.rohan@mmg.co.nz 03 2145588 Invercargill
- Dave Rohan dave.rohan@mmg.co.nz 03 2145588 Invercargill
- Robin Goodall robin.goodall@mmg.co.nz 03 2145588 Invercargill
I emailed Neil Foreman (now ex MMG – he found someone who would buy the Gisborne branch back!!) ) to advise I wished him to mail me the documents required to withdraw my funds out of Totara.
He insisted I wait until I could come into the office and when I did – I have never been bullied or threatened in such a way in my entire life.
He put the form in front of me, then said if I signed it he would withdraw their services – his wife did my books – even said menacingly that ”it’s not your money Shirley” (it’s in a trust)
It went on for the best part of an hour, and silly me – in the end did not sign, and now have it frozen – along with most of the rest of my retirement money.
Did they ever have any successful investments?
They blew my parents money as well. I should have learned from that I know, but stupidly believed they were working in my best interests.
Hallelujah for the bit I left in Westpac.
Re DNZ.
Two years ago I had just over 80000 shares, now I have just over 32000. I have not sold or given any away, so I can only presume they must have been stolen???? Not happy I was not consulted.
Please count me amongst those who wish you every success. Are you able to act as my proxy? I don’t have a lot of “Know How” and may not be able to attend the meeting but I do want to be represented, by your group if possible. Please advise.
Best of luck!!
Penny Cattel
Very interesting on how Money Managers was constructed and who had their fingers in the pie, and those who still have.