News Round Up
Monday, September 3rd 2001, 12:23AM
Two major features to look out for on Good Returns this week is a major series explaining Hedge Funds and Alternative investment strategies, plus the first in a series of in-depth practice management features.
The Hedge Funds report will give you a comprehensive package of information on why hedge funds have become so popular and why you should include them in your (or your clients') portfolios.
The Series on Succession Planning is an in-depth series that looks at major issues confronting financial planners.
As part of this series we would like to answer your questions about the issue. Email any questions you have to email@example.com. These will be answered by someone who has expertise in this area. At the end of the series we will run an article which answers all your questions. (Your name won't be published).
In a related area the Auckland branch of the Financial Planners and Insurance Advisers Association is holding a seminar on How to Become A Financial Adviser.
Good Returns is wholly-supportive of such initiatives.
To find out more about this seminar click here.
Warehouse goes direct
We've been given plenty of warning and now it's happened. The Warehouse has established a financial services arm of its operation in conjunction with WestpacTrust.
The section is headed by Bruce Gordon who also established E-Loan and previously ran Farmers Financial Services.
First up the Warehouse will be offering a low interest rate MasterCard, a standard MasterCard and a range of innovative, good-value life insurance, credit card, insurance and travel insurance policies.
The Warehouse believes the majority of its 200,000 current holders of the Warehouse’s store card (recently transferred from WestpacTrust to the Warehouse Financial Services) will upgrade to one of the new MasterCards, forming a solid base for the new venture.
Warehouse chief executive Greg Muir says the company is evaluating other products, including savings accounts and home loans, as part of a planned rollout of new products and services in the future.
"It is our intention to be a major presence in the New Zealand financial services market over time, but we’re taking a sensible, incremental approach to establishing ourselves."
Challenger looks to UK
Listed Australian-based fund manager Challenger International says it has increased its net profit after-tax by 91% to A$154.1 million in the year to June 30.
Challenger is active in Australia and New Zealand and is currently looking to set up operation in the United Kingdom.
It plans to fund this expansion with the A$85 million it raised in a rights issue earlier this year.
Challenger's New Zealand chief executive John Rowley says the company is still in the early stages of its growth in New Zealand: "We are on track with our plans to be a permanent and important part of the New Zealand financial services scene."
UDC has made the following changes to its term deposit rates;
- UDC Secured Term Investment Rate, 5.85% for one year, min $25,000
- UDC Telephone Call Account, 5.30% for $100,000 or more, 5.15% for $20,000 to $100,000 and 4.6% for $5,000 to $20,000.
- UDC Secured Term Investment 5 year, 7.00%, minimum $25,000
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