Midlands Mortgage Trust is now focused on growth following the licensing of its manager, Midlands Funds Management Limited by the Financial Markets Authority.
Midlands Mortgage Trust general manager Peter Harrison said the FMA Managed Investment Scheme licensing process which took 18 months to complete has put the Fund Manager in a strong position to consolidate and increase its market in the Central North Island.
“We now have a robust platform under the new legislative regime and are well positioned to develop new opportunities.
“We have been through a rigorous accreditation process which has seen us strengthen our governance, appointing an independent chairman and rationalising the board over the last 12 months as well as adding staff resources focused on compliance,” Mr Harrison said.
Former Farmlands Cooperative chief executive Peter Ellis has been appointed chairman. Dunedin businessman Peter Hutchison and Central Hawke’s Bay farmer and broadcaster Steven Wynn-Harris have joined existing board members Ken Horner, Graham Throp and John Campbell to give a well-rounded board with a good mix of skills and experience.
“We are already seeing the benefit of these appointments through the development of a new strategic plan.
“The Trust’s investment portfolio has already grown by 10 percent in the last month with the acquisition of funds previously managed by a Hawke’s Bay law firm,” he said.