The Ministry of Economic Development, which is running the process for Commerce Minister Margaret Wilson, as written to prospective members saying appointments won't now be made until November.
The process has been slowed down because of the large number of applicants for the six-member taskforce. The department hasn't revealed the numbers but says it is in "the high 80s, low 90s." Related column: Spot-the-vested-interest game starts
Second largest listed property company in the making
In keeping with its earlier growth strategy, ING has chosen to expand by acquiring portfolios of managed funds rather than individual property acquisitions.
In June, ING Property Management (the manager of the listed trust) bought the management rights to the Urbus portfolio and it is the most substantial shareholder in Urbus with 8.97%, suggesting that it may be in a strong position to achieve the merger, which would propel the company into the NZX50.
Details about the merger have yet to be revealed and analysts will be keen to learn about its gearing. The portfolio of the merged entity would be weighted 75% in Auckland, 12% Wellington, 6% Hamilton and 7% in other locations. Retail properties would be 36% of the portfolio, commercial office 33% and 31% industrial.
New Highpoint
Macquarie is planning to launch a new series of its Highpoint Notes.
These are a capital protected product which give investors access to the returns of some of the world's largest and most successful companies.
Tower sell off
Tower has received a number of approaches about a possible trade sale of its Australian wealth management businesses in the past fortnight, the Australian Financial Review reports.
Tower chairman Olaf O'Duill has confirmed the company has received a number of approaches from non-bank members of the local financial services industry about buying the wealth management business.
Tower announced it was going to spin-off of the wealth management business a fortnight ago.
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