News Round Up
Advisers associations back working together, Mortgage broker and insurance adviser join up, Another head of equities at GSJBW, Guardian Trust buys half of admin company.
Monday, July 23rd 2007, 5:13AM
The four are the Institute of Financial Advisers, Professional Advisers Association. Life Brokers Association and the Society of Independent Financial Advisers.
They have agreed to "work towards the formation of an APB for the licensing of financial advisers independent of existing organisations."
This appears to be a backdown by the IFA which earlier declared it would be the APB which others had to join.
The working part held its first meeting last week and will meet regularly, initially every second month. Chairmanship of the meetings will rotate and IFA management will provide secretarial support.
"Since the legislation for regulation has yet to be introduced to Parliament, and there is considerable detail yet to be determined on the requirements for an APB, the working party's task will necessarily extend over many months" PAA says in a statement to members.
Mortgage broker and insurance adviser get together
Mortgage Link has formed strategic alliances with specialist risk insurers Triplejump and commercial funding specialists Strata Funding.
Mortgage Link has 29 offices and settled $1.1 billion in mortgages in the year ending March 31.
Chief executive Rod Templeton, said that the company has joined forces with both businesses in a bid to provide better quality advice to customers.
"In the insurance field, it's very difficult to absorb all the pending regulatory change, plus develop all the skills and build product knowledge while also being a mortgage adviser to the standard we require."
Templeton says clients are seeking quality insurance advice at the same time as they address debt restructuring and we see this as an ideal way to add to the relationship.
Triplejump currently has eight franchises and plans to have 30 franchises operational within New Zealand within the next three years.
Another head of equities at GSJBW
Standard & Poor's Fund Services the Goldman Sachs JBWere Australian equities funds 'On Hold' after the change in head of equities, from joint head and chief investment officer (CIO) Andrew Cooke to an internal candidate from the proprietary trading area, Dion Hershan.
Cooke has only been in the role as head of equities since late 2006, replacing Tim Hannon, who moved to head up the property team. He will remain at GSJBW in the capacity of CIO.
"This appointment represents the third head of equities within less than 12 months, which also means the existing team will need to adjust to another change in management," S&P says.
Guardian Trust buys half of admin company
Guardian Trust has taken a 50% stake in specialist outsourced investment accounting and administration provider MMC.
MMC was launched in 2004 by former BT executives. It provides outsourced investment administration services to New Zealand-based investment managers and investment product providers. Currently it has 12 clients with around $2.3 billion in funds under administration.
Guardian Trust acting managing director Bryan Connor said the partnership would enable Guardian Trust to extend its participation in the fund administration market without compromising MMC's independence.
"We have been leaders in corporate trustee services for a long time, and we've provided fund administration and custodial services for our own funds as well as for those of Asteron and Tyndall."
Guardian Trust, Asteron and Tyndall are part of the Suncorp Metway Group of companies. MMC principal Robert Moss said "It's been a very straightforward process, because it's one of those relationships where both parties can see the clear benefits a partnership will have for their own business.
We have the advantage of drawing on the strengths of Guardian Trust, which has been in the forefront of wealth management for 125 years. Formalising our relationship will strengthen our proposition of providing quality and innovative outsourced investment administration services to the New Zealand managed funds market."
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