One more in orbit for Saturn
Saturn Portfolio Management has recently acquired the portfolio assets of Akarana Investment Management.
Akarana director Clair Jones is taking up the position of senior client adviser and also becomes co-owner of Saturn Portfolio.
Saturn Portfolio chairman Craig Stobo says the transaction builds on the company’s recent acquisition activity in the area of investment advice.
Jones believes: “Clients need financial advice to achieve their lifestyles, and they need trusted advisers. Saturn’s business model is designed to meet these needs,” she says.
Macquarie partners up with accounting firmMacquarie will buy A$30 million in convertible notes in WHK and become the company’s largest shareholder once the notes are converted into equity in five years’ time.
WHK will use the cash from the notes to pay down debt.
“The proceeds of the convertible note issue will substantially reduce WHK’s bank borrowings, strengthen its balance sheet if converted and underpin its growth over coming years,” the company said in a statement.
Funds under advice at the end of December 2008 was A$7.7 billion across Australia and New Zealand.
WHK has six offices in New Zealand.
Higher qualifications sought
A surge in the number of financial advisers seeking higher qualifications has been fuelled by the recent worldwide downturn in financial markets.
Globally, the number of advisers with the Certified Financial Planner (CFP) designation reached around 118,000 in 2008, in more than 20 countries, according to the Institute of Financial Advisers. The 2008 figures reflect an average growth of 8.2%.
While there are currently only 400 certified financial planners in New Zealand, more advisers will be forced to review their own competence and qualifications in future, once new regulations come into force in October 2010.
“The deregulated nature of the New Zealand market meant financial advisers were not required to seek higher level certification,” says Financial Planning Standards Board chairman Stephen O’Connor.
“It is only a matter of time before New Zealand financial advisers turn to a higher level of certification to ensure they excel over and above their peers in a more regulated environment.”
Commission changes exemption on short form prospectusesIn addition, issuers can now use the short form prospectus exemption where they have relied on provisions introduced into the Companies Act, under which companies could make their annual report available to shareholders by advising them of their right to receive an annual report, rather than sending the report.
It is hoped the amendments will reduce compliance costs while still ensuring investors receive the information needed to make informed investment decisions.
SBS celebrates 140th birthday
SBS had its 140th birthday last Monday, after having first opened in Invercargill in 1869.
In October last year, SBS made history by becoming the first building society in New Zealand to gain bank registration without changing its mutual structure.
It has increased member deposits by over $200 million since becoming registered as a bank.
“Traditional values have always been fundamental to our success, along with our mutual ownership. We also recognise the importance of protecting our members’ assets through prudent business management, professional service and commitment to our people and their communities,” chief executive Ross Smith said.
Fixed interest managers underperform
Australian fixed interest managers who made early calls on credit have underperformed, according to the latest review of the Australian fixed interest sector by Standard & Poor’s (S&P).
However the majority of managers are still highly rated.
“Portfolio returns across the subsectors have been mixed with core Australian bond funds meeting our exceeding objectives while those products with a credit bent have produced low benchmark results,” says S&P fund services analyst David Erdonmez.
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