About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, December 6th, 6:43PM
rss
Latest Headlines

News Round Up

AXA backlash affects Westpac portfolio; AMP renews contract with BNP Paribas; PIS celebrates after conference; Commission surveillance zoomed in on issuers; Reserve Bank reach broadens; New fund for Man Investments

Monday, September 8th 2008, 5:01AM

by Maddy Milicich

AXA backlash affects Westpac portfolio
The fallout from AXA New Zealand freezing one of its property-related funds, has affected a specialist product run by Westpac.

Westpac NZ said a portion of its Capital Stable Portfolio had been suspended from withdrawal because it was based on investments in funds including AXA’s Mortgage Backed Bonds.

In early August AXA froze access to $117 million of wholesale investors’ money in its Mortgage Backed Bonds fund for 90 days.

The fund is one of a number of property-related funds frozen over recent months, with others including Guardian Mortgage Fund, Totara Mortgage Fund and AMP NZ Property Fund.

AMP renews contract with BNP Paribas


BNP Paribas Securities Services has extended its contract to provide custody and fund administration services to AMP group entities, until 2014.

BNP Paribas has been providing AMP with custodial and administration solutions since AMP sold its investment administration business Cognet to BNP Paribas six years ago.

PIS celebrates after conference
The Professional Investment Services New Zealand (PIS) conference held in Rotorua recently has sparked renewed confidence amongst delegates.

The conference, entitled changing Times, New Opportunities, attracted 179 advisers, accountants and staff who took part in educational seminars which covered planned legislative changes and the changing taxation law landscape.

“At PIS NZ we set very high standards for our advisers and the implementation of a new regulatory regime will mean that we will be very well positioned to further expand our operations and market share,” PIS NZ general manager David Keys said.

Commission surveillance zoomed in on issuers
The Securities Commission will review how well issuers respond to significant reporting challenges in the current market, as part of Cycle 8 of its Financial Reporting Surveillance Programme.

The commission has said it will begin by reviewing balance date financial reports from June 30, 2008.

“It is essential that issuers understand the risks [of the current market turbulence], adequately assess and measure them, and have appropriate responses in place ,” commission chief accountant Alastair Boult says.

Other areas of focus will be related to party disclosures and the use of and disclosure of off balance sheet arrangements.

Reserve Bank reach broadens
The Reserve Bank Amendment Bill, passed last week, will allow it to police the regulation of non-bank deposit takers (NBDTs), including finance companies.

The new legislation also confirms the Trustee Corporations as the front line supervisors of NBDTs, to ensure they are in compliance with new regulations.

The regulation requires NBDTs to meet new standards in key areas, including: capital adequacy, related party lending, liquidity, risk management, reporting and governance.

NBDTs will also have to have a credit rating from an approved rating agency to assist investors making investment decisions.

New fund for Man Investments
Man Investments Australia is opening a new fund this month, called Man OM-IP 220 2008, the next fund to harness the successful MAN OM-IP 220 investment strategy.

The fund aims to generate medium to long-term capital growth in both rising and falling markets.

The offer period is September 29 to November 28, 2008.

« Weekly Wrap: King takes King, but game still onSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide ▼5.65 ▼4.75 ▼4.75 -
Credit Union North 6.45 - - -
Credit Union South ▼5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 4 December 2019 9:11am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com