News Round Up

AMP has announced that it has rolled out the integration of its three UK financial services brands, Pearl, NPI and London Life, in to one AMP United Kingdom Financial Services business (AMP UKFS) to create a platform for future growth.

AMP also signalled its commitment to advice-led distribution and building its direct sales force - in contrast with many of its competitors. Chief executive Paul Batchelor, says that the creation of AMP UKFS represented a key development in AMP's growth strategy and expansion in its core business of international wealth creation and protection.

"AMP already occupies a strong position in the UK financial services market. The integration of our retail financial services businesses will deliver greater scale and an improved competitive position in the growing UK market. It will also drive cost efficiencies across our UK operations, with an ability to provide more tailored and holistic financial solutions for our 4.5m customers in the UK.

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Tower Trust forms alliance with Citibank
Tower's trustee subsidiary has formed an alliance with Citibank to market a range of services to institutional investors.

Under the alliance Tower Trust and Citibank will jointly market master custody services to the broad New Zealand market.

Tower will provide a range of services, including corporate trust, investment accounting, and investor registry.

Citibank will supply all global custody services to the Tower group, including Tower trust and the group's fund manager Tower Asset Management.

NPT unitholders say I do
National Property Trust unitholders have approved the acquisition of Southway Properties Ltd.

Southway's two principal assets are the Eastgate shopping centre and the Hornby shopping mall, both in Chirstchurch.

NPT executive chairman Paul Dallimore says the integration of Southway and NPT is "a significant step forward for National" as it will create opportunities for other initiatives to advance the growth of the trust.

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