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ING business book loss; Pure Protection fund launched; New software for Tower

Monday, June 22nd 2009, 5:56AM

ING business book loss
After a nearly 30% drop in funds management revenue, ING New Zealand made a $12.44 million loss in 2008, down from $8.85 million in profit a year earlier.

Funds management revenue dropped from $53.4 million to $37.6 million in 2007.

ING was cautiously optimistic that markets and profits would bounce back. KiwiSaver inflows were also helping boost its revenue, ING chief Helen Troup said.

Pure Protection fund launched
Pure Capital has launched the Pure Protection Fund, which aims to provide protection to wholesale investment portfolios during equity bear markets, whilst maintaining or improving returns in bull markets.

The fund will start trading on July 1 and will use only liquid, listed derivatives on recognised exchanges, primarily equity index and commodity products.

New software for Tower
Tower has finished building new software for its Health and Life advisers, named OPTIMUS.

The independent adviser software  suite was developed by a core IT team of seven and came in on time and within budget.

The team used the agile development process, which saw the team start with the high level objectives and then assess them from there. The plan enabled the team to deliver something tangible to the business every two weeks for review.

OPTIMUS has already received positive feedback from many in the industry.

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 ▼6.19 ▼5.69 ▼5.69
ANZ ▼7.89 ▼6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼5.99 5.69 5.69
ASB Bank ▼7.89 ▼6.19 ▼5.69 ▼5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - ▼5.99 ▼5.69 ▼5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.94 - - -
BNZ - Rapid Repay ▼7.94 - - -
BNZ - Std ▼7.94 ▼5.99 ▼5.69 ▼5.69
BNZ - TotalMoney ▼7.94 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.99 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▼7.65 6.19 5.75 5.69
Co-operative Bank - Standard ▼7.65 6.69 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼6.40 6.10 -
First Credit Union Standard 8.50 ▼7.00 6.70 -
Heartland Bank - Online ▼7.49 ▼5.99 ▼5.59 ▼5.69
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 6.15 5.69 5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank ▼7.75 ▼7.09 ▼6.59 ▼6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 ▼6.19 ▼5.69 ▼5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 6.69 6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 6.95 6.29 6.29
SBS Bank Special - 6.35 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank ▼8.69 ▼6.79 ▼6.49 ▼6.49
TSB Special ▼7.89 ▼5.99 ▼5.69 ▼5.69
Unity 8.64 6.29 5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.50 5.89 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.29 6.32 5.89 5.69

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