News Round Up
Adviser taskforce Terms of Reference, Kingfish v Salvus, Sentinel results.
Friday, September 3rd 2004, 6:59AM
The Government has set the terms of reference for a task force to look at the regulation of financial advisers and asked for nominations for its members.Commerce Minister Margaret Wilson said the six-member task force should be appointed by mid-October.
Those appointed by the Government will suggest options for reforming the regulation of financial intermediaries to "ensure quality financial information and advice is provided to the public".
The six appointees will be drawn from the industry and will include consumer representation, a neutral chair and a senior Economic Development Ministry official. Read Terms here
Salvus and Kingfish performance
Newly-listed investment trusts Kingfish and Salvus have both reported their monthly performance to the stock exchange.
Strategic Investments says the unaudited net asset value per ordinary share of the company at August 27 was $0.97.
Kingfish says its un-audited net asset value per ordinary share September 1 was $1.08.
Sentinel reports on business
Home equity release company, Sentinel, has received more than 4000 enquiries, and settled more than 250 loans totalling more than $10 million in its first six months of business.
Managing director Richard Coon says the results far exceeded expectations and the company had now doubled its original first year plan.
“We believe we can confidently claim the market leader mantle,” Coon said.
Sentinel wants to see a Safe Home Investment Product (SHIP) code, similar to that in the UK, developed by the industry to ensure people taking up a home equity release loan are protected.
Merged bank rated
Standard & Poor’s has affirmed its AA-/Stable/A-1+ counterparty credit ratings on ANZ National Bank following a review of the bank’s integration of the National Bank of New Zealand.
"The integration of NBNZ with ANZ National is proceeding well and is consistent with Standard and Poor’s expectations following the December 2003 acquisition," S&P says.
"Despite ANZ National’s strong stand-alone financial strength, ratings benefit from its close integration with, and ownership by ANZ, and the bank’s status as a material and core part of the group."
City gains more of Opio
City Forests has increased its stake in takeover target Opio Forestry Fund to 25.1% it said on Thursday.
City Forests, which is wholly owned by Dunedin City Council, launched a $12.7 million takeover bid for Opio last month offering 85c a share.
Opio and City Forests have been at odds over access to the fund's register of its 1600 unit holders.
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