About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, July 4th, 2:21PM
rss
Latest Headlines

AXA still not spent

AXA may have just spent more than $210 million buying one of New Zealand's biggest financial planning firms, but it's shopping spree isn't yet over.

Friday, October 19th 2001, 7:13AM

by Philip Macalister

"We are still looking," New Zealand chief executive Ross McEwan says.

He says the decision to buy Sterling Grace, the company which owns Spicers Portfolio Management, Arcus Investment Management, Assure and Monitor Money in Australia, gives it critical mass in the market place.

He says that once the deal is finalised next month AXA will have about 13% of the market in New Zealand.

This is AXA's second purchase this year. Earlier it helped Wellington-based firm Cameron Chote buy the financial planning business of KPMG.

McEwan says AXA plans to keep Spicers running as an independent business unit.

"We won't be changing the business model," McEwan says. "We have bought this business not to change the model."

Sterling Grace is a vertically integrated investment advisory business with its own funds, distribution and administration system.

However, some issues will be discussed such as what products Spicers sell.

For instance Spicers could start selling AXA's insurance products and it could use AXA (or Alliance Capital) funds in its investment mix.

McEwan says these are issues that will be discussed with Spicers' management.

However, he notes the acquisition was done "as a play on the investment side (of the industry) rather than the risk side."

McEwan acknowledges there is a risk that advisers or clients may leave the firm now it is owned by a major fund manager.

However, AXA's experience with Cameron Chote is that clients see AXA's ownership as a positive.

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

« Spicers soldSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Is the FMA looking in right places?
    “The real joke is how when large players in the market manage to get the regulator to look away, or to undertake a 'enforceable...”
    2 days ago by Chatterbox
  • Dealer groups should be QFEs
    “The term ‘dealer group’ appears to be loosely used in this discussion. Whilst it’s true that Australian Dealer Groups...”
    2 days ago by Pragmatic
  • Dealer groups should be QFEs
    “Well said Ron! Jeff - I suggest that you overlook the fact that as a QFE, you would have legal liability for the actions...”
    2 days ago by Graeme Lindsay
  • Dealer groups should be QFEs
    “Jeff, et al, what a wonderful conversation. I can't help but think that April 1 was a little while back, and this is indeed...”
    2 days ago by Hawaii Five-0
  • Dealer groups should be QFEs
    “Hi Jeff, which meaning were you trying to describe you adviser force: difficult to control or predict because of wilful or...”
    2 days ago by Bernal
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.49 5.10 5.59 5.59
ANZ Special - - 4.99 -
ASB Bank 6.50 5.49 5.49 5.75
ASB Bank Special - ▼4.89 5.10 5.39
BankDirect 6.50 5.49 5.49 5.75
BankDirect Special - ▼4.89 5.10 5.39
BNZ - Mortgage One 6.90 - - -
BNZ - Rapid Repay 6.49 - - -
BNZ - Special - - 4.99 -
BNZ - Std, FlyBuys 6.49 5.19 5.39 5.29
BNZ - TotalMoney 6.34 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.39 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.40 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.95 4.95 5.40
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.40 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society ▼6.70 ▼5.65 ▼5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.85 5.49 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.39 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.60 5.49 5.10 5.75
Sovereign Special - ▼4.89 5.10 5.39
The Co-operative Bank 6.45 5.15 4.99 5.35
TSB Bank 6.49 ▼5.45 ▼5.49 5.75
TSB Special - - ▼4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.40 5.49 5.49 5.59
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.40 - - -
Westpac Special - - 4.99 -
Median 6.49 5.45 5.40 5.40

Last updated: 3 July 2015 8:24am

News Quiz

The Rural Bachelor of the Year competition at Fieldays this year was sponsored by whom?

Fonterra

Fidelity Life

OnePath

Sovereign

Partners Life

MORE QUIZZES »

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