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News Round Up

AMP back-tracks on MacarthurCook proposal; New association for NZ savings societies; Allied Farmers returns profit; Goldridge expanding but not through PIS; Two new funds for Liontamer; Change of direction for Vision

Monday, September 1st 2008, 5:31AM

by Maddy Milicich

AMP back-tracks on MacarthurCook proposal
AMP Capital Investors has said it will not be proceeding with its takeover proposal for MacarthurCook, citing due diligence as the reason.

On June 10 this year, AMP Capital announced a takeover proposal for MacarthurCook that was subject to a number of pre conditions, including satisfactory due diligence and a board recommendation.

However, despite the takeover being approved by shareholders, AMP Capital decided that in the absence of the MacarthurCook board providing due diligence, it would not further its proposal.

New association for NZ savings societies

A new umbrella association has been launched, called the New Zealand Savings Institutions Association, which will promote the savings institutions and their place in the financial services market.

"The New Zealand Savings Institution Association will provide a hallmark of quality that reflects the long history of service wash of its members has in heartland New Zealand. It will also be a vehicle for celebrating our shared history and collective values, disseminating messages, relationship-building and provide us with a stronger voice in the market," Ross Smith, chair of the association says.

The association members include: CBS Canterbury, Heretaunga Building Society, Nelson Building Society, PSIS, Southern Cross Building Society and Southland Building Society.

Allied Farmers returns profit
Allied Farmers Group, which last year posted a $3.349 million loss, has announced a $3.232 million profit before tax, for the year ended June 30.

The major factor contributing to the improvement was the record income and profit result from the rural division in the last 10 years.

Its finance subsidiary Allied Nationwide made a profit before tax of $3.87 million, but said it was impacted by increasing bad debt provisions. It was also impacted by the widespread loss of investor confidence in finance companies, paying out $107 million of maturing debentures over the year to June 30.

"It was a great year in the rural market but the overall result has been impacted by the turmoil in the finance market. This was the main reason for not achieving our goal of $6 million before tax," John Loughlin, chairman of Allied Farmers says.

Allied's purchase of Speirs Finance should be completed by the end of September, pending approval from Standard & Poor's.

Goldridge expanding but not through PIS
Goldridge Wealth Management has refuted a claim that it is in talks with rival Professional Investment Services (PIS) over becoming part of the PIS group, as was claimed by PIS's Grahame Evans and reported on the Good Returns website.

"Goldridge is not having discussions with PIS, serious or otherwise. The fact is that we are busily expanding our own network," Goldridge chairman Daniel Mintz says.

Mintz says Goldridge has experienced good growth over the past five years, during which time funds under their investment platform "have more than trebled".

"Over the same period the number of Goldridge advisers has increased from 12 operating from eight locations, to over twice that, operating from 18 offices in 15 locations throughout New Zealand, with four advisers coming on board in recent months to extend our presence in the greater Wellington area," Mintz says.

His view is that the recent changes to the regulatory regime will result in further consolidation as advisers seek to become associated with groups that have the necessary scale and infrastructure to provide a higher standard of service and the quality of advice now expected by investors.

Two new funds for Liontamer
Liontamer has launched two new funds: The Alternative Energy Series 1 fund and the sixth fund in its Global series.

The Alternative Energy fund invests in renewable energy companies as well as providing a socially responsible investment opportunity.

The fund provides investors with exposure to the share price performance of 15 companies profiting from renewable energy sources such as wind, solar and geothermal energy – and packages them all up with the added benefit of either 90% or 100% capital protection.

The Alternative Energy Series 1 fund has a term of five and a half years.

The Global Series 6 fund offers investors the opportunity to take advantage of current low valuations from international sharemarkets, while providing the peace of mind of having full capital protection at maturity.

Change of direction for Vision
Man Investments has re-evaluated the current allocations within Man OM-IP Vision (Vision), resulting in the withdrawal of investments in the Bayswater Program.

Vision's main goal is to provide medium-term capital growth in both rising and falling markets, by accessing the AHL Alpha Program, RMF LEAP and the Bayswater Program.

After considering market and economic conditions, investment strategies employed within the Bayswater Program and Vision's aim to generate medium-term capital, manager Man Investments decided to withdraw the company's investments in the Bayswater Program.

Man Investments will re-allocate the investment by Vision in the short-term to the AHL Alpha Program. It will consider longer-term investment options in due course.

« Advisers get guarded thumbs up on disclosureSovereign takes regulation bull by the horns »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 ▼2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.15 3.29 ▼3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac ▼3.39 3.45 ▼2.99 ▼3.35
SBS Bank 4.54 3.09 3.19 3.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.59 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.99
The Co-operative Bank - Standard 4.40 3.05 3.19 3.49
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.12 3.19 3.17

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