Share Success Puts Icing On Their Family Cake
Sydney Morning Herald
Thursday February 15, 2007
AFTER Kevin Rudd became the Labor leader in December, The Australian Women's Weekly published his prize-winning chocolate cake recipe.
Perhaps the more intriguing Rudd family recipe would have been the stock-picking tips of his wife, Therese Rein. In the 10 weeks since Mr Rudd became leader, the value of Ms Rein's share portfolio has risen by at least $100,000 to more than $1 million.According to Mr Rudd's declarations of pecuniary interests as an MP, his wife now owns shares in 18 listed companies. Many are companies that would be significantly affected by government policies and regulatory decisions. They include the mining giant BHP Billiton, blood plasma and pharmaceuticals group CSL, media company Publishing & Broadcasting Ltd, transport group Toll Holdings, hospitals operator Ramsay Health Care and banks ANZ and the National.While the shares are owned by his wife, they could give rise to perceptions of a conflict of interest if Mr Rudd becomes prime minister. The Labor leader said last year he would tackle any perceived conflicts of interest by arranging for his family shareholdings to be placed in a "blind trust", where they would be managed at arm's length. A spokesperson for Mr Rudd said yesterday the process of putting in such measures was "significantly under way".Mr Rudd himself has shares in the investment company AMCIL, which in turn has stakes in more than 20 listed companies including BHP Billiton, Rio Tinto and News Corporation.It appears that Ms Rein, a successful businesswoman who owns a job placement business, has been a savvy investor.Mr Rudd's declarations of interests show she has held this portfolio of stocks since September last year. Since then the market value of her portfolio has risen by more than 21 per cent, compared with a gain in the overall sharemarket of just under 17 per cent over the same period.The declarations show that Ms Rein has been a relatively active trader over the past two years, updating her portfolio every few months. Most of her stock sales would have realised capital gains based on the details Mr Rudd has provided and historic share prices. In all, Ms Rein has had shareholdings in 43 listed companies over the two years.
© 2007 Sydney Morning Herald