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Investor confidence high, AXA buys Ipac, New name Tuesday and Pyramid scheme warnings.

Sunday, July 21st 2002, 10:16PM
New Zealanders’ investor confidence is at high levels despite declining international equity markets, according to the latest ASB Bank Investor Confidence Survey.

Confidence has remained consistently high with a net 21% of respondents expecting better returns from investments over the next year, up from 19% last quarter.

ASB Bank Investments’ chief manager, Roger Perry, says Kiwi investor confidence remains positive in stark contrast with flagging confidence in the US, which has taken a blow following a series of corporate accounting scandals.

"A vibrant local economy, including a solid commercial and residential property market, along with the relatively well-performing New Zealand share market, are all likely factors in a bright outlook by Kiwi investors last quarter."

Perry expects investor’s confidence to be dampened somewhat over the remainder of the year, as rising interest rates act to moderate the economy, while any recovery in international equity markets is likely to be slow.

AXA buys Ipac


AXA has bought Australian financial planning firm Ipac Securities in Australia for A$205 million.

Ipac in Australia is not related to New Zealand research house FundSource (formerly called Ipac Securities). The ties between the two businesses were ended last year.

"This decision (to buy Ipac) is in line with our stated strategy of growing in wealth management through acquisitions of financial advisory businesses," AXA group chief executive Les Owen says.

AXA bought Sterling Grace (which includes the Spicers business) last October.

Ipac in Australia manages about A$4.7 billion for more than 20,000 clients.

Ipac executive chairman Arun Abey the two businesses "share a common vision to grow advisory businesses and focus on clients' needs."

Ipac will retain its advice model and its multi-manager approach to investing.

New name Tuesday
Rothschild Australia Asset Management will unveil its new name on Tuesday.

The company is changing its name after being bought by Westpac earlier this year.

Pyramid scheme warnings

The Commerce Commission has issued warnings about two suspected pyramid schemes: Infinity Concierge NZ Limited and Net Guard.

The commission warns members of the public to be very careful before joining what it considers is likely to be a pyramid scheme run by New Zealand registered company, Infinity Concierge NZ Limited.

"The commission has serious concerns about the legality of this scheme, and we strongly advise people who are considering becoming members of this company not to be pressured into joining and to seek independent legal advice before making any financial commitment." the commission's director of Fair Trading, Deborah Battell says.

It is similarly concerned about a firm called Net Guard (New Zealand) Limited, which it also believes to be a pyramid scheme.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 ▼6.79 ▼6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 ▼7.29 ▼7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 ▼6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 ▼7.39 ▼7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 ▼6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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