News Round Up

AJ committed to offshore conference, FPIA Convention, Another warning, ASB Bank profits, Join the discussion.

Monday, February 14th 2000, 12:00AM

Armstrong Jones has confirmed it is fully committed to its Queensland conference and has underwritten the project "with a six figure sum".

National Sales manager Wayne Becker says there have been rumours around the industry that the conference is not a goer.

He says these are not true: "We have committed a significant amount of time, effort and money into it."

"We have committed a six figure sum to get this up and running. So far more than 200 (people) have registered an interest.

AJ has signed up six sponsors for the Couran Cove conference, including three NZ fund managers; Royal & SunAllaince/Guardian Trust, Macquarie and AXA New Zealand, and three offshore managers which are also involved in its Private Portfolio Service master fund; Lazard, Fidelity and Schroders.

Conventions...2

Good Returns will be the place to find all the information you are looking for on this year's Financial Planners and Investment Advisers Association convention.

The site will be hosting all the relevant information relating to the convention including newsletters, speaker profiles, accommodation options, and registration forms. Delegates will be able to register for the convention online.

Look out for the Planning Pays Off logo that will be the link to the relevant pages.

The convention will be held in Wellington from July 13 to 15.

Another warning
The Securities Commission is again warning investors not to commit money to Quantum Executive Corporation and Prosper League International Ltd.

Commission chief executive John Farrell says it appears that New Zealanders have been sending significant sums of money to these two companies which appear to be based in the West Indies and the Bahamas.

Quantum's advertisements were banned by the commission in 1998 because they did not comply with New Zealand securities law.

The commission says John Edward Baylis has acted as a New Zealand agent for these companies. Baylis has also been named in commission warnings about IMI Group and Walakahai Pacific Corporation, which is now in statutory management.

The commission is warning people not to be mislead by offers that seem too good to be true and where there is little information about the investments and the companies involved.

ASB profits
ASB Bank has increased its after tax operating profit 22 per cent to $68.5 million in the six month period to December 31.

This performance does not include the results of Sovereign.

ASB says its move into financial services products has made a significant contribution to the results. It says the move is an extension of its customer service philosophy and recognises that bank customers see accessing up-to-the minute financial services as simply part of their regular, everyday banking.

It aims to make managed funds "accessible and affordable" to everyone.

Join in the discussion
Got a view on some burning issue? If so why don't up pull up your chair and join the conversation online in our new discussion forum.

Good Returns is committed to providing you with the freshest and most interesting investment and industry news. To help you discuss what it all means we have created a Discussion Forum.

The big question at the moment is: Should Fund Managers be Regulated? To Have Your Say pull up your chair and point your mouse at this link which will take you straight there - Discussion Forum

If you have something else you want to discuss just select New Topic in the forum to kick off a new discussion.

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