News Round Up

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Support for tougher disclosure
Money Managers boss Doug Somers-Edgar has come out in support of plans to toughen up disclosure laws for advisers.

He agrees the current two-tier system needs to be replaced with a more transparent disclosure regime.

Somers-Edgar says that he has always thought the present regime was inadequate.

"We can't expect people to know every question to ask."

He says Money Managers advisers already make full disclosure when clients have their first interview.

Turning full circle
First NZ Capital and First NZ Securities have completed formalities for combining their respective businesses.

The combined firm will trade under the name of First NZ Capital.

Executive chairman Bill Trotter says that combining First NZ Capital and First NZ Securities would achieve the best strategic model for the two businesses in the New Zealand market.

"This move recognises the importance of having a strong retail distribution network in New Zealand capital markets," he said.

First NZ Capital chief executive Scott St John says that the new structure would ensure First NZ Capital was a stronger competitive force in the market and could provide an integrated and broader range of services to all clients.

First NZ Capital will continue its strategic alliance with CSFB to provide a full range of investment banking and institutional equities services in New Zealand.