At PMG Funds, we understand the gravity of the trust our investors place in us. In the current economic environment, we are not just committed to, but actively working towards enhancing our support mechanisms for our investors.
We were recently made aware of a story published in the NBR, which references the unlisted property funds sector and in particular PMG and the personal situation of one of our Generation Fund investors.
PMG and our team pride ourselves on living and breathing our core values of trust and integrity in all interactions with our customers. While we deem it unnecessary to respond to media coverage, good or bad, we feel compelled to do so in this case, due to the nature of the opinion made by the journalist, Tim Hunter.
The coverage follows a similarly toned article by Mr Hunter a few months ago. On both occasions, we have engaged Mr Hunter at length to provide context and balance. However, he has instead presented his own opinion of PMG and the unlisted property funds sector as opposed to the facts presented to him.
In the article, Mr Hunter alleges that PMG was unreasonable in securing an investment from an investor with ill health.
Background information
The investor in question invested in PMG Generation Fund in 2021, following a seminar in Christchurch. PMG often hosts events around the country. We value building personal, long-term relationships with our investors, tenants and partners, and events like these enable us to connect one-on-one with existing investors, as well as introducing PMG to new investors.
When hosting these events, we believe it’s important to provide the audience with an opportunity to hear from respected independent economists such as Tony Alexander. In no way do we imply that these guest speakers are endorsing PMG’s products – and they make this clear themselves.
As for investment choices, it is not uncommon for retirees to choose to invest in funds like ours, be it for the regular returns they provide in their retirement to suit their lifestyle or with long-term growth in mind for future generations.
In all PMG’s communication, and extensive educational information we share publicly on our website and through our regular communication with investors, we reiterate the long-term nature of investing in our unlisted property funds and maintaining that view throughout different economic cycles.
Establishing a PMG hardship policy
While we won’t divulge details on the investor’s situation, we acknowledge people’s circumstances may change outside of their control. In line with this, we have established a financial hardship policy that could assist them, as well as other investors in similar situations, to prioritise an element of liquidity where exceptional medical or compassionate grounds exist; and we’ve been working closely and empathetically with this investor through deeply stressful time.
Our team will always work hard to personally address any concerns our investors may have. In addition, all PMG investors have free access to an impartial, independent complaints resolution process, through Financial Disputes Resolution Service (FDRS), here.
We have built a reputation over the last 30 years by creating investment opportunities that provide regular returns and offer investors potential for growth in value over the long term. We are very clear that you should always seek financial advice to check that these opportunities suit your profile and investment goals and that they are a good fit for your investment portfolio.
After a decade of growth, we acknowledge that the current economic environment is placing downward pressure on both property valuations and investor returns. Nevertheless, we remain confident in our approach and in the quality of our fund portfolios to navigate this cyclical low and be positioned for future growth.
We’re also reassured that our investors understand and are on board with our long-term investment strategy and have chosen to add our funds to your investment portfolio for the specific characteristics we promote them on. PMG’s focus remains on actively maximising the performance of our Funds as we continue to deliver sustainable cash returns and target growth in value for all investors over the long term.
Read frequently asked questions (FAQ’s) about PMG Funds and investing in unlisted property funds here.
Scott McKenzie, Chief Executive Officer and Director
With a range of investment funds to suit New Zealanders of all ages and stages, it's easier than you may think to invest. Give one of our knowledgeable pmg Investor Relationships Managers a call for a no-obligation chat, or visit our FAQ page.
To start investing with PMG, register your contact details via phone or email. Alternatively, make an enquiry via our contact form and we’ll have someone from our Investment Relationships Team meet you.
Watch PMG’s history video to learn more about our approach to commercial property investments, along with the five funds within the company. We encourage you to speak with a friend or family member who knows us, and we also recommend you chat with a Financial Advice Provider for specific advice to suit your unique situation.
Look through our current investment offers to find the right PMG fund to suit you. After downloading, carefully review the associated Product Disclosure Statement(s) for the offer(s) you’re interested in. Investing with us is straightforward – either apply online using our secure and confidential investor portal, via the printable form on each fund page, or reach out to your local PMG office to fill out the relevant paperwork.
Our lines of communication are always open. If you have any questions, reach out to your local PMG Investor Relationships Manager. Whether it’s a general catch up or discussion around the latest developments with your investment, we’re here to help.
