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AMB AMRO celebrates 100% employee-owned status with name change; Direct Capital fund well on track; Conferenz summit on adviser regulation and law changes

Monday, June 29th 2009, 5:03AM

ABN AMRO Craigs is getting a name change and will be re-branding to Craigs Investment Partners, effective from August 31 this year.

The name change comes after ABN AMRO Craigs re-purchased the 50% equity stake in the company previously held by The Royal Bank of Scotland Group (RBS).

The change in ownership required the removal of the ‘ABN AMRO' component of the corporate name and provided the company with the perfect time to re-brand the business and celebrate the new 100% employee-owned status.

Direct Capital fund well on track
Direct Capital has raised $201.5 million in capital from investors through its Direct Capital IV fund.

The fund is well on its way to achieving an expected $250 million, which will be invested in large, profitable private companies.

"The private company market is New Zealand's largest equity market, being five to seven times larger than the NZSX for example, and represents more than a third of the economy," says Direct Capital's Ross George. "Private companies are the backbone of the New Zealand economy and investing in their growth does more for improving New Zealand's economic performance than any other single initiative."

Capital raised has mainly come from existing investors in the Direct Capital III fund, raised in 2005.

Conferenz summit
The one-day Conferenz summit explores the latest developments in the laws for financial advisers.

The "Reviewing the roles and products of Financial Advisers Summit" will be held on August 27, at the Duxton Hotel in Wellington.

Topics include:

• Defining a financial adviser: Who is going to be caught within the new regulatory net?
• Examining changes to the RBNZ Act and its implications on financial services advisers
  
• Proposals for a trustee supervisory model
• Moratorium proposals of finance companies: Investigating the best choice for investments gone wrong
  
• And a whole lot more from expert presenters, regulators and industry representatives.

Register and pay before July 15 for an early-bird saving of $200.

For more details and summit agenda, click here.

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