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Cost of regulation $35,000; AMP, AXA merger to create formidable competition; AllianceBernstein to close NZ base...downgraded to ‘hold', has top manager; DNZ seeking $140m through IPO

Monday, November 23rd 2009, 5:00AM

The costs of regulation
Strategi reckons it could cost advisers up to $35,000 over 18 months to become authorised.

See its calculations here

AMP, AXA merger to create formidable competition
The proposed merger between AMP and AXA Asia Pacific Holdings would improve the competitive landscape by offering consumers an even more competitive alternative to the big four banks in Australia, AMP says.

"Combining the businesses would create a fifth pillar in Australia's financial services sector," AMP chief executive Craig Dunn says.

He believes Australians need a strong, non-bank competitor in the wealth management sector.

"We would be able to take the best products and platforms from both companies and offer them to more Australians."

AllianceBernstein to close NZ base...
AllianceBernstein, which manages $4 billion in New Zealand investments, will close its local office and plans to manage the funds from Australia as a global outflow of funds prompts the firm to trim its headcount. Read more

...downgraded to ‘hold', has top manager
After AllianceBernstein's announcement it is discontinuing to run equities mandates in New Zealand, researcher Morningstar has downgraded its recommendation of the company to ‘hold', due it its pending restructure.

The researcher rated portfolio manager Andrew Bascand as one of the best managers in the country. "He runs a highly-disciplined process and has generated peer-beating returns since being appointed in 2000," Morningstar said.

DNZ seeking $140m through IPO
DNZ Property Fund, which has a portfolio worth some $770 million, has joined the IPO rush and is looking to raise as much as $140 million in a bid to pay down bank debt, end its management contract and join the NZX50 index.

The property fund manager wants to raise $130 million through an initial public offering which is fully underwritten by Goldman Sachs JBWere. Some $30 million will be reserved for existing shareholders and a further $100 million offered to institutions and NZX primary market participants.

It will accept up to an extra $10 million in oversubscriptions.

« [Weekly Wrap] How's your moral compass?Sovereign takes regulation bull by the horns »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.29 6.85 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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