About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, September 18th, 9:07PM
rss
Latest Headlines

AXA pulls out cheque book

AXA is keen to buy financial planning businesses but its boss, Ross McEwan, is critical of production criteria put on firms.

Wednesday, July 11th 2001, 9:22PM

by Philip Macalister

AXA has made its interest in acquiring distribution clear by helping Wellington-based advisory firm Cameron Chote buy the financial planning business of KPMG.

Details of the deal are being kept under wraps. However, AXA boss Ross McEwan describes it as a joint venture where the KPMG business is jointly owned by Cameron Chote and AXA.

The existing Cameron Chote business, which is more focused on risk and superannuation, is being kept separate from the joint venture.

As part of the deal Cameron Chote picks up two highly experienced CFP qualified advisers Denyse Macindoe and Jag Jagadish.

KPMG also employed a para-planner and a part-time administration person.

McEwan says that Cameron Chote has no production criteria placed on it.

He is critical of other fund managers who require that a certain percent of business has to be put into its funds.

"We do not dictate product volumes or that our products should be sold," he says. "There is no arrangement which guarantees us business."

"A financial planning firm's independence is very important," McEwan says. "It's not necessarily so important in the risk side of the business."

McEwan's view is that a manager can influence, but not dictate which funds are sold.

"We don't believe that any company in the investment side (of the industry) can dominate the investment market."

AXA is currently on the hunt for more deals in the distribution area. Underlying this expansion are two key points.

Firstly AXA wants to help financial planning firms grow. To this end it has established an executive grouping which is headed by Kevin McLean and charged with supporting financial planners.

McEwan says the Cameron Chote deal "was a great opportunity to assist a very large agency to diversify with our support."

Secondly, any deal has to be profitable for AXA. In the past big companies have had relationships with advisers based on production, not profitability.

McEwan says profitability is important to AXA in these arrangements.

"Our strategy is really to help financial planning firms to grow," he says.

AXA are planning to roll out several new funds in August. These are understood to be sector specific funds from Alliance Capital, but they will not be tax driven.

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

« Ballantyne bondholders get 30c in the dollarSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    23 hours ago by interested observer
  • Bank advice concerns questioned
    “Just out of interest Mike - where would you suggest they go and work? Presumably just not in QFEs? In any capacity? It's...”
    1 day ago by interested observer
  • Bank advice concerns questioned
    “Hi Mike, I think you are sharply understating the risks here of FMA directors and staff ultimately working for the banks...”
    1 day ago by Brent Sheather
  • Action needed on DIMS
    “Perhaps rather than reminding AFAs to get their house in order, the FMA would be better off spending that time finalising...”
    1 day ago by MPT Heretic
  • Bank advice concerns questioned
    “R1 - this is why US regulators impose time restriction on staff leaving & working for firms they have regulated. This could...”
    2 days ago by Mike Naylor
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.99 6.39 6.65
AMP Home Loans $200k+ 7.14 5.89 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 ▲6.39 ▼6.59
HSBC Premier 6.84 5.95 5.95 ▼6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac ▲6.59 ▲6.35 6.58 6.77
SBS Bank 6.15 5.85 5.99 6.19
Lender Flt 1yr 2yr 3yr
SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 ▼5.95 6.19 ▼6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.57

Last updated: 17 September 2014 7:43am

News Quiz

BNP Paribas Securities Services’ latest Asset Administration and Custody Review found worries about government regulation is causing how many to lose sleep?

50%

90%

33%

10%

67%

MORE QUIZZES »

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