News Round Up

Monday, May 15th 2006, 5:30AM

Dorchester Pacific has sold its online broking firm Direct Broking to the ANZ National Bank for $5.125 million.

Dorchester interim chief executive Mark Simpson says the sale fits with Dorchester’s policy of concentrating on those core activities which provide maximum returns for shareholders.

Dorchester bought Direct in 2000 and last year amalgamated the client book with that of failed broker Access.

Adviser firms achieves quality accreditation
Tauranga investment advisory firm Harmer Parr Trust has achieved ISO 9001:2000 Certification of its quality management system following a detailed assessment by Telarc.

The certification is for 'The design and supply of financial planning and investment advice services'. Harmer Parr is believed to be the first investment advisory firm in New Zealand to have achieved this rating.

Harmer Parr adviser Philip Holland was the Young Financial Planner of the Year in 2004. Stephen Parr said that the ISO certification was particularly useful at this time when small regional firms are often being told that they need to join a network in order to achieve a credible compliance system.

Fletcher Building to support KiwiSaver
Fletcher Building is encouraging its 10,000 New Zealand workers to sign up for the Government's KiwiSaver superannuation scheme. [MORE]

New tech index

New Zealand Exchange has developed a new index which recognises the science and technology companies currently listed in New Zealand.

The NZX SciTech Index is the first in a series of special interest indices to be developed by NZX. It will include 23 information, biotechnology and industrial technology companies.

The launch of this index will coincide with the first day of trading of the Rakon IPO.

The aim of these special interest indices is to provide the investment community with a general measure of performance and a tool to promote and further raise the profile of the individual constituent companies.

"Liquidity of the stocks included in this Index has been variable, influenced to no small degree by the lack of public profile in our local markets. We have hard evidence that international investors recognise the value of New Zealand science and technology innovators." said Brown.

Comment: Predicting finance company failures
Well it had to happen – the collapse of a finance company. The prize goes to National Finance 2000. What can we learn from the collapse? [READ ON]

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