"The potential market for this product is set to increase when you look at the population projections," AMP general manager distribution David Chote says.
AMP is making home equity releases available through selected, accredited advisers, following a deal with Sentinel, who among other factors, were chosen for their commitment to ensuring retirees taking up the product receive independent financial advice.
"AMP has an advice-driven distribution model which means our focus will be on ensuring that customers have the option of incorporating a home equity release as part of their wider retirement savings plan," Chote says.
Home equity releases fill a gap in AMP’s current product suite by providing a complementary retirement planning option for mature customers, many of whom have little need for most other types of products.
Latest OM-IP fund out
OM-IP Eclipse, the latest OM-IP fund to be launched by Man Investments Australia, came to market last week. It aims to generate medium term capital growth by harnessing the performance of the AHL Diversified Program and the RMF Portfolio and also provides the security of a capital guarantee and rising guarantee from Commonwealth Bank of Australia.
Viking listing delayed
Viking Capital has extended the closing date for its IPO from June 21 to June 23. It says the extension was to ensure the delays in distribution of prospectuses occasioned by Queens Birthday and the power crisis did not impact adversely on the offer period.
Viking is the new investment company headed by former Dorchester Pacific founder Brent King
LM downgraded
Standard & Poor's has downgraded its rating on LM Investment Management LM Mortgage Income Fund (12 Months) from three stars to two stars after becoming aware of material changes to the fund, including increased loan arrears and loans past due.
LM, earlier, disclosed increased loan arrears greater than 60 days of 13.55% and loans past due of 26.57% as at March 31. Arrears have since risen to 16.55%.
"While LM remains confident that all loans in arrears will be repaid, and that there are no new arrears over 30 days as at May 31 2006, Standard & Poor's believes the levels and increases in arrears and loans past due are significant and warrant a ratings downgrade," fund analyst Peter Ward says.
Comment: Why the silence on Provincial?
One of the more bizarre things in the Provincial Finance collapse has been the reaction (or lack of) from the Financial Planners and Insurance Advisers Association*.
The Provincial failure is a huge issue for advisers as many, collectively, had a good sum of money in Provincial. Added to that Provincial sponsored the FPIA and Society of Independent Financial Advisers.[MORE]
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