Today ANZ and ING's listed property trusts have gone into a trading halt pending a material announcement. Could this mean the bank is finally about to take full control of the fund manager and life insurer? Read on.
Friday, September 25th 2009, 12:00PM
This week Good Returns produced one of the most comprehensive tables of KiwiSaver funds under management and member data. This table includes nearly all the providers, including those such as Gareth Morgan, who are a little secretive about their numbers.
In the table we compare this year's figures with last year and also have made it sortable. If you want to know who is winning the race to sign up members check out the table here.
The biggest story for advisers is the one earlier this week about a client who successfully sued a Napier-based financial planner for putting her into Blue Chip. The trouble now is the planner says he can't pay the $260,000 the court ordered he pay to the client. This, to me, is one of the bigger problems for the industry.
A number of commentators say the case is an important precedent for the advisory industry, however more learned sources say otherwise. Fresh in this morning is a view that puts the issue into perspective.
While the KiwiSaver table has been highly popular with readers this week the most commented on piece is undoubtedly the appointment of a new Commissioner of Financial Advisers. There are plenty of comments here and it seems advisers are a little nervous of the appointment.
Talking of NZ Funds I was pretty disappointed that some advisers - with vested interests - used a guest opinion piece from Richard James, to have a crack at Money Managers and Doug Somers-Edgar.
Many readers will agree or be surprised at the comments from Securities Commission chairman Jane Diplock where she expresses disapproval of the finance company moratorium process. The observation one can't miss making is that hasn't she noticed the horse has already bolted?
There is plenty of other investment news at www.depositrates.co.nz including an update on Marac, South Canterbury getting into more difficulty and Fidelity replacing ING as a fixed interest manager with a name not often associated with funds management. Here are the links to these and other stories:
The yield curve has continued to creep up today with ASB and its related groups increasing rates across the curve. Earlier in the week Westpac increased its longer term fixed home loan interest rates.
Yesterday afternoon we penned this Blog looking at what is happening at the long-end of the curve: Long-term rates look unattractive .
As usual we have a wrap of what economists are thinking about things in the Experts' View section of www.mortgagerates.co.nz.
Last, but not least, we have our People News. In this week's dispatches David Chote has moved on from AMP Financial Services, Macquarie adds two more advisers and Jenny Shipley boards the industry boat.
