Weekly Wrap: King takes King, but game still on

A few more moves have been made this week in the distribution chess game. Today Good Returns reports that listed IRG Group has bought the business of Tauranga adviser and ING-supporter, Phillip King.

Friday, September 5th 2008, 4:37PM
King is well-known in the industry as a past winner of the Financial Planner of the Year Awards, former chairman of SiFA and his firm has copped some flak over finance companies, particularly its support of Bridgecorp.

Also this week The National Partnership, one of the risk advisory groups, has done a deal with Jamie Coltman's Advice Financial. We are watching for the next move.

Out of all the other news reported this week, there is one item which will bring joy to many. That is the Strategic deal. It appears that after a lengthy gestation management have bought back the firm. This is indeed good news for the finance company sector. For those of you who follow finance companies, I understand that Hanover's audited accounts aren't far away from being released. No doubt many people are eagerly awaiting these to get a good handle on the state of the business.

While there has been good news, the same can't be said for Dominion Finance. This week it decided the company hadn't actually made a net profit of $8.95 million, rather it had made a $108 million loss.

The other significant finance company news this week is that the government has passed the legislation that gives the Reserve Bank powers to supervise the non-bank deposit-taking sector (eg: finance companies and the like). I suspect this is a good move, but is it too little, too late? Have are read of this Blog.

Mortgage news will move up a gear over the next week with the Reserve Bank's official cash rate announcement next Thursday. As we report here the expectation is of another cut. How big that will be is a moot question.

Also in the mortgage news (and people as well) we have a new chief at Mike Pero Mortgages. The person taking over from Sandra Pigram is a former Geneva Finance executive.

The other key people appointments on Good Returns this week are a senior analyst at Goldman Sachs JB Were and changes at AIG Life with the departure of Jeremy Young.

Other insurance news includes changes to Tower Health and Life's Key Person Cover, and details of the PAA's nationwide roadshow series. Read the insurance news here.

And to see what events are coming up soon, go to the Diary page.


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