News Round Up

How much are a fund manager and a planning firm worth?
BT Funds Management and its associated businesses were sold to the Principal Financial Group for $121.76 million according to the latest figures released by the Overseas Investment Commission.

BT was sold to the US-based Principal group in the middle of last year.

OIC figures say the consideration includes BT Funds, BT Portfolio Services and New Zealand Nominees Ltd.

Also, the OIC figures show that in July last year New York-based firm Stirling Grace paid $14.14 million for a business owned by Claymore Asset Management.

At that time Sterling Grace took control of one of New Zealand's biggest financial planning firms Spicers Portfolio Management.

Sterling Grace originally paid $720,000 for a 24 per cent stake in Spicers in April 1997, and later topped up its holding to just under 50 per cent. In the middle of last year it took its holding to 65 per cent of the company.

The company says the profit was up $689,000 to $2.5 million for the 12 months to March 31.

Dorchester last week announced that it had bought Bay of Plenty-based financier Fountain Finance for $1.25 million in cash. Also the company had refinanced Fountain's borrowings.

Dorchester also owns Senate Finance and Civic Loan & Finance.

What's New in the Discussion Forum?
The two latest topics of conversation in the Discussion Forum are about Fund Manager of the Year Awards and the Superannuation.

Are Fund Manager of the Year Awards helpful for investors? Should there be two different awards? What do you think? Have Your Say in the Discussion Forum CLICK HERE

Full FPIA Conference details
The workshop programme for the FPIA Conference programme in Wellington has just been released. To find out who is speaking about what and when CLICK HERE

Colonial out
Colonial is no longer a listed company following shareholders decision to approve the Commonwealth Bank of Australia's takeover offer.

As a result of this takeover Colonial has been replaced in the NZSE 30 and 40 indices.

Tourism Holdings takes its place in the NZSE 30 and Advantage Group moves into the NZSE40.

ANZ abandons NZ share offer
ANZ has confirmed its proposal to offer New Zealanders a share that tracks the bank's Australian head share has been postponed.

It says the offer wasn't going ahead as the bank was getting a major injection of new funds from its sale of Grindlays and the proposed on-market share buyback.

ANZ says it is remained interested in the possibility of a New Zealand tracking stock.

"No decision will be made on the timing of such an issue until circumstances warrant the need for further equity," the bank said in a statement.

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