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Aus-NZ mutual recognition on agenda; Suncorp A+ rating affirmed; New Morningstar methodology; An opportunity to diversify.

Monday, July 21st 2008, 6:08AM
Aus-NZ mutual recognition on agenda
The Australian and New Zealand governments are open to the idea of moving toward mutual recognition of imputation and franking credits between firms that could invest in each other's country.

New Zealand will be making a submission on the matter to the secretary of the Australian Treasury.

According to Australian Treasurer Wayne Swan and New Zealand Finance Minister Michael Cullen, negotiations are expected to be concluded by the end of this year.

Suncorp A+ rating affirmed


Suncorp-Metway has had its A+ rating affirmed by Standard & Poor's, along with its core operating companies. The outlook remains positive.

The affirmation of the rating reflects the solid progress that has been made on the integration of Promina group, the group's sound premium growth, and its supportive capitalisation and reinsurance, despite challenging financial market conditions.

Suncorp group's operating companies (all rated A+/Positive) are: Suncorp Metway Insurance, Suncorp Life and Superannuation, GIO General, Vero Insurance, Vero Insurance New Zealand, Vero Liability Insurance and AA Insurance.

The rating on Suncorp reflects the combined strength of the operating companies of the group.

New Morningstar methodology
Morningstar has launched a document containing details of its new methodology for calculating genuine before-tax returns, in response to the creation of portfolio investment entities (PIEs).

Morningstar's PIE funds are now conducted on a before-tax basis.

Benefits of the new methodology include helping investors compare the long-term performance of two or more funds, and that strategies with three years or more performance track-records will retain their Star Rating.

Although the method doesn't perfectly recreate historical before-tax returns, it is applied consistently across all strategies and therefore provides the transparency necessary to conduct returns-based due diligence on a manager's performance track-record, Morningstar says.

An opportunity to diversify
The AHL Alpha Program, the foundation of Man OM-IP Essential, has outperformed the Australian stock market in the six largest downdraws since its inception in September 1995, and achieved a positive return in five of these drawdowns.

The largest and most recent drawdown occurred from November 2007, with the Australian stock market falling -20.7% and the AHL Alpha Program generating a positive return of 12.9%.

« Managers buy back StrategicSovereign takes regulation bull by the horns »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 ▼7.45 ▼7.09 ▼6.95
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.85 ▼6.49 ▼6.35
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
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Bluestone 9.24 - - -
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BNZ - Classic - ▼6.85 ▼6.49 ▼6.39
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.45 ▼7.09 ▼6.99
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
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Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
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Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
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Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
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SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
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Unity First Home Buyer special - 6.55 6.45 -
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Westpac 8.64 7.49 7.35 6.99
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Median 8.64 7.14 6.82 6.62

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