As we have
reported in Good Returns this week three
of the associations have agreed to work together, while
one is now going it alone.
Yesterday we had reported that the Professional Advisers Association,
Society of Independent Financial Advises and Life Brokers
Association are going to form
their own, no-frills APB, which is separate from their
associations.
Today the Institute of Financial Advisers makes
its case and tells why it is going alone.
Also today there is a lengthy Blog
on the collapse which asks a few questions and makes some
comments on the collapse. I encourage you to read it and provide
your feedback.
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What
becomes of the broken-hearted? |
The other
big story of the week is the emerging battle
for shares in the only New Zealand owned life insurance
company – Fidelity Life. FMG is making a bid to increase
its stake in the business and as we
report in Insurance News another bidder has entered the
market with a higher offer. At the prices being offered Fidelity
has a capitalisation of close to $110 million.
A trend which is in full swing at the moment is the launch
of new products, which bring with them some old faces from
the industry. We have the Thames
Water offer which has George Kerr as a key player. Kerr
started in the industry years ago with IPAC (FundSource’s
predecessor), spent time at NZ Funds, then became the king
pin in putting the Spicers group together and selling it to
AXA. In this process he was chairman of Brook Asset Management.
Yesterday BT came out with a new
farm fund. A key player with this fund is Cliff King,
who established the NZ Rural Property Trust.
Other new investments on the horizon include another Liontamer
fund.
While financial advisers are dealing with the fallout from the collapse of the G4 APB structure, mortgage brokers have a bigger problem on their hands. What to do if the banks cut their commission level paid to brokers.
Today we have results of our survey of brokers which throws up some fascinating results. Have a read here.
On the People front we have a new boss at Hanover, and two significant appointments at Vestar.
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2007
Investment Year Book |
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