Weekly briefs
Independence, Forsyth Barr in Auckland, ANZFM does well and Trans Tasman Props makes a date
Friday, November 21st 1997, 12:00AM
The board earlier ruled against Money Managers use of the word independent. It said any planner who accepts commissions could not be described as being independent.
Money Managers has appealed that decision.
Reeves Moses says in light of what has happened it will no longer use independent to describe its business.
The firm says it had described itself as independent as it is a privately owned business with no ties or obligations to direct business to any other financial institution. It says its services, recommendations and advice "will continue to be unbiased an not effected by external companies."
Forsyth Barr comes to Auckland
Sharebrokers Forsyth Barr has increased its presence in Auckland by merging with financial planning firm Broadview Financial Management.
Broadview was responsible for promoting the Cairngorm Demutualisation investment trust which was recently listed in the United Kingdom.
Director Alistair Pirie says the merger makes sense as Forsyth Barr's strengths are in the equities and fixed interest area, while Broadview is more orientated towards international investments.
earlier story
ANZ Funds Management does well
ANZ Bank has highlighted the success of its funds management business in its annual results.
It says the New Zealand funds management operations acheived 17 per cent growth during the year. ANZ has $3.4 billion under management and is now the third largest manager in New Zealand.
Insurance and banking generated income of $193 million for the bank in the year to September 30, which was 26 per cent higher than the corresponding period last year.
This sector's operating after-tax profit was 27 per cent higher at $65 million, the bank says.
While only accounting for a small proportion of the bank's overall profits, it was one of the two areas to show significant improvement.
Trans Tasman makes a date
Trans Tasman Properties has set December 18 as the date for a special meeting of shareholders to gain approval for a $620 million restructure.
Approval would enable the company to be ready to float the New Zealand Growth Property Trust.
Under the restructure the bulk of the Trans Tasman's New Zealand portfolio will be placed in the trust, leaving the smaller local content and its proposed development of the old Auckland Star site in central Auckland in the existing company.
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