Finance firm launched

Rifleman Finance yesterday pressed ahead with its launch, despite negative publicity in the finance sector over the collapse of two firms - Provincial Finance and National Finance.

Rifleman said it aimed to raise $25 million in its first year in the property development industry.

The company said it was backed by a wholesale co-investment funding arrangement with Fortress Investment Group - a Sydney-based affiliate of the New York fund manager which has US$20 billion ($32 billion) under management.