About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, May 3rd, 8:39PM
rss
Latest Headlines

AMP comfortable with downgrade

AMP Financial Services says it is fixing the areas which resulted in Morningstar downgrading its rating from five stars to four stars.

Tuesday, January 16th 2001, 10:16PM

by Philip Macalister

AMP Financial Services is "comfortable" about research house Morningstar's decision to lower its manager rating from five stars to four stars.

Manager Andy King says being a four star manager "is still a very good upper quartile performance."

"We couldn't be anything but pleased with four stars. It is a very good fund manager rating."

Under the Morningstar system five stars denotes an "excellent" manager, while four stars denotes a "very good quality fund manager.

King says one of the reasons AMP was downgraded is because Morningstar has "changed the way they calibrates their measurement for some measures."

In its report Morningstar said that AMP had been downgraded in a number of areas, including: corporate strength, administration and distribution, and investment management.

Also, it said that "the downgrade has been driven by a fall in the Morningstar Star Ratings of many of AMP’s funds."

"The percentage of AMP funds with five star Morningstar Star Ratings has fallen sharply (down from 34 percent at 30 June 2000 to 12 percent at 30 November 2000), while the percentage of one star funds has more than doubled, from eight to 18 percent over the same period."

King acknowledges the falls but says over the product, or investment cycle the funds will perform as expected.

He also points out that the number of older style funds that AMP has is a negative factor in the ratings process. This comes about because part of the rating is determined by the performance of the funds on a size weighted basis.

While Morningstar said AMP had fallen below average in the areas of corporate strength, administration and distribution and investment management, the trend rating in all these areas was positive.

It acknowledged that AMP was making changes to address these shortcomings. These include "implementing structural/cultural change in accordance with global strategy, and (it) is developing a strategic distribution/sales approach which bodes well for future growth."

King says he is disappointed AMP didn't retain its five star rating when it went through the regular two year review.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Ground is prepared for battle over NZSEGet your tax questions answered online »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Obituary - Paul Murphy
    “A sad day indeed, am glad I got to know him, RIP Paul ...”
    16 hours ago by FionaFourie
  • The 'how' and 'why' of negative interest rates
    “With negative interest rates comes the possibility of deflation. It will be interesting to listen to the commentary as...”
    17 hours ago by henry Filth
  • Obituary - Paul Murphy
    “A great man taken too soon! RIP Murph....”
    17 hours ago by Stephen O'Connor
  • Obituary - Paul Murphy
    “Very sad news. Paul was a good adviser and a good man. My sincere condolences to his family and former colleagues....”
    18 hours ago by thombentley
  • FMA slaps Craigs over AML failures
    “What am I missing here. They have been taken to task for not taking measures of due diligence. Yet all the while we...”
    21 hours ago by LNF
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.64 4.75 4.85 4.99
ANZ Special - 4.25 4.35 -
ASB Bank 5.55 4.69 4.89 5.25
ASB Bank Special - 4.15 4.39 4.65
BankDirect 5.55 4.69 4.89 5.25
BankDirect Special - 4.15 4.39 4.65
BNZ - Mortgage One 6.30 - - -
BNZ - Rapid Repay 5.75 - - -
BNZ - Special - 4.25 4.39 4.64
BNZ - Std, FlyBuys 5.69 4.85 4.89 4.99
BNZ - TotalMoney 5.69 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.25 5.15 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 4.85 4.99
HSBC Premier 6.10 4.25 4.39 4.59
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 4.25 4.25 -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.45 4.70 4.75 4.75
Kiwibank - Capped - - - -
Kiwibank - Offset 5.50 - - -
Kiwibank Special - 4.29 4.25 4.85
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.85 4.69 4.75 5.09
Perpetual Trust 7.70 - - -
Lender Flt 1yr 2yr 3yr
Resimac 5.59 5.24 5.29 5.39
SBS Bank 5.59 4.75 4.89 4.99
SBS Bank Special - 4.10 4.29 4.65
Sovereign 5.65 4.69 4.89 5.09
Sovereign Special - 4.15 4.39 4.65
The Co-operative Bank 5.45 4.25 4.35 4.65
TSB Bank 5.54 4.85 4.95 5.25
TSB Special - 4.35 4.19 4.79
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 5.75 4.79 4.89 4.99
Westpac - Capped rates - 5.15 5.25 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.75 - - -
Westpac Special - 4.25 4.39 4.80
Median 5.75 4.69 4.85 4.99

Last updated: 22 April 2016 9:18am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com