News round-up
Goldman Sachs, Bancorp named Medical managers; Getting excited about Grosvenor; Senior staff to take over ABN Amro Craigs; IFA Independent Director sought
Monday, March 2nd 2009, 5:00AM
Goldman Sachs, Bancorp named Medical managers
The Medical Assurance Society (MAS) has confirmed Goldman Sachs JB Were and Bancorp Treasury Services as the new managers for the group's superannuation and KiwiSaver funds, replacing ING.
In a letter to scheme members, Martin Stokes, MAS chief, said Goldman Sachs and Bancorp had been hired as “advisers rather than fund managers and will work together with trustees on determining optimal strategies for investment management”.
ING had managed the MAS super fund for about a decade and was appointed manager of its KiwiSaver scheme in 2007. Together the two MAS savings schemes totaled $180 million
Senior staff to take over ABN Amro Craigs
ABN AMRO Craigs is turning 100% Kiwi-owned, through an agreement to buy back the 50% stake in the company held by Royal Bank of Scotland Group (RBS).
The firm will be owned by about 130 senior employees of ABN AMRO Craigs and intends to offer employment to certain existing ABN AMRO New Zealand staff. A number of those staff will become shareholders.
“There will be no change to the operations of our business, the people leading the business or those advising our clients,” chief executive Frank Aldridge says. “The staff only ownership structure simply allows us to control the direction we wish to lead the business in the future.”
The business will continue to trade as ABN AMRO Craigs until a new corporate name is announced later in the year.
Morningstar rates AMP's fixed interest skills
Morningstar has reviewed AMP Capital fixed interest strategy and given it a recommended rating. It says AMP Capital is a sound option for investors seeking a defensive local element for their portfolio.
"This is a traditional approach to fixed interest investing, and one which is more conservative than many peers," it says.
Request for expressions of interest in becoming an Independent Director of the Institute of Financial Advisers
IFA is seeking to appoint a new independent director for a two-year term commencing 1 July 2009. There is provision for reappointment for a second two-year term, but four years is the maximum so there is regular rotation.
The application form can be downloaded here.
For further information please contact Lyn McMorran, President Institute of Financial Advisers on email: lyn_mcmorran@westpac.co.nz
Getting excited about Grosvenor
Grosvenor has topped the superannuation sector in the National Business Review’s (NBR) Exciting Companies series, with a rating of 63.8.
Surveys were conducted by strategic business consultancy New River.
Grosvenor was followed by Milford Asset Management, AMP, Fidelity, Fisher Funds and ING.
The award uses an excitement index based on a calculation made up of 20 industry bodies who provide ratings on a range of factors.
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