NZ Fund Service Development Group Formed
A private sector group has been formed to advise the New Zealand Government on the requirements associated with the creation of an international funds service industry in New Zealand.
In a media statement on April 6th Gerry Brownlee, New Zealand Minister of Economic Development, announced the formation of the International Fund Services Development Group (IFSDG), a Government endorsed private-sector body charged with advising the Government on the establishment of a international funds service industry and turning New Zealand into a attractive funds domicile. The group will be chaired by Craig Stobo, private-sector entrepreneur and director.
The IFSDG is required to issue its final report to the New Zealand Government by June 2010, detailing the steps necessary to create and foster an international fund service sector within the New Zealand economy. According to Craig Stobo, research was initiated preemptively to identify the requirements of potential users of the proposed international funds service sector. Elaborating on the group’s research, the Chairman said “It is very important that we approach this from a needs perspective. There are some obvious changes identified which will enhance our attractiveness.”
According to Gerry Brownlee New Zealand could be turned into an ideal international funds service center, as it already holds several advantages like stability and neutrality in the legal system, a high quality legislative and tax environment, along with a unique time zone advantage.
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