Mark Warminger

Why Infinz awards are worthless

NBR reports on Infinz and their now suspect and dodgy awards:

Fund manager of the year awards won by Mark Warminger and Milford Asset Management will not be reviewed in the wake of High Court market manipulation findings, says the Institute of Finance Professionals.

After an investigation triggered by the NZX in mid-2014, the Financial Markets Authority sued Mr Warminger alleging he manipulated the market on 10 occasions that year.

Last week the High Court found the FMA had proved its case on two counts.

During the hearing, Mr Warminger told the court he had won fund manager of the year awards three years running, in 2012, 2013 and 2014.

The awards were from Infinz, which picked Milford as Equities Fund Manager of the Year in those years. ? Read more »

Court finds Mark Warminger from Milford Asset Management manipulated the market

The High Court has found that Mark Warminger from Milford Asset Management did, in fact, manipulate the markets despite the claims otherwise of Brian Gaynor.

Milford Asset Management’s Mark Warminger manipulated the market when trading two stocks, a High Court judge has ruled.

The Financial Markets Authority alleged that 10 instances of Warminger’s trading breached market manipulation rules during a four-week trial last year. ? Read more »

Milford?s scapegoat gets thrown under the bus, They?ll be hoping he can keep his mouth shut

The FMA has announced they are suing Milford Asset Management’s Mark Warminger for allegations of?market manipulation.

They?ll be hoping he can keep his mouth shut.

The Financial Markets Authority says it has filed civil proceedings in the High Court seeking pecuniary penalties against Mark Warminger for trading carried out while employed by Milford Asset Management.

The FMA said: “Following a thorough investigation, the FMA has reached the view that trading undertaken by Mr Warminger amounted to market manipulation in breach of s11B of the Securities Markets Act”.

The alleged offending trades took place between December 2013 and August 2014. The FMA said it fell into three categories: ?? Read more »

Has the FMA undercooked the Milford compo?

The Financial Market Authority has something to hide…they are refusing to release details of how much their investigation into Brian Gaynor’s Milford Asset Management cost the taxpayer.

They recovered $1.1 million for the Crown, but for some reason are obfuscating on the costs.

It’s looking like the FMA has undercooked the prosecution settlement/fine otherwise they’d have stated the amount.

New Zealand’s financial regulator is refusing to reveal exactly what it spent investigating Milford Asset Management and one of its traders for alleged market manipulation, claiming the costs in the case are “sensitive” and their disclosure possibly prejudicial.

Milford last month paid $1.5 million in a settlement following a Financial Markets Authority probe, $1.1 million of which will go to the Crown, with the balance covering the costs of the regulator’s investigation.

One of Milford’s portfolio managers is still facing enforcement action. ? Read more »

What the Kiwisaver fund managers are saying about the Labour/Green economic terrorism

The fallout of the economic terrorism by the Labour party and Green party continues. Kiwisaver Fund Managers are now voicing their disquiet as millions?continues?to be wiped off our Kiwisaver accounts by the economic terrorism of the Labour and Green parties.

This is what Mark Warminger a portfolio manager at Milford Asset Managers, one of the countries best performing Kiwisaver managers had to say on their blog:

The?Labour?and the Green Party announced plans to establish a new agency, New Zealand Power, which would act as a single buyer of wholesale electricity. The plan would cut the nation?s power bills by up to $700 million a year, lowering household power bills by up to $330 a year, and giving the economy a $450 million annual boost according to Labour and Green Party analysis. This analysis is na?ve and does not take into account the full direct and indirect costs.

NZ currently has $253bn of external debt and each 0.01% movement in the cost of debt adds $25m in interest payments. The uncertainty caused by the Labour/Greens Nationaliation by stealth policy is likely to add up to 1% to the cost of debt for New Zealand, due to lenders requiring an increased return for lending to a nation with political and economic instability. The cost of capital for all New Zealand companies will rise due to the same factors. A 1% increase in debt servicing costs for New Zealand?s overseas borrowing, in time would add up to NZ $2.5bn a year to the debt bill.

In addition?to?higher financing costs for the economy as a whole, the Government would receive around $450m a year less in dividends from the state owned power companies. The state owned power companies would need to write down asset bases by around 30% on an asset base of $15bn. This equates to $4.5bn of capital destroyed.? Read more »