IFA to launch more education road shows
The Institute of Financial Advisers (IFA) says it had such great feedback from its Code Cracker road show over the last month that it is looking to launch another series.
Chief executive Peter Lee says around 370 people attended the road shows which were also open to non-members and provided advisers with specific information to assist their preparation for the Standard Set B examination and Standard Set C assessment.
"In Auckland, some firms got a single person to attend to take the information back to everyone else, but then they realised it was so beneficial, everyone had to personally attend to get the most out of it," says Lee
The IFA is now looking to run seminars again in November about Standard Set B because of all of the support. The Institute will be looking to hold them in Auckland, Wellington and Christchurch as long as they get at least 20 people signed up for each session.
Public Trust reports $4.8m profit
Public Trust has reported a net profit of $4.8 million for the year ended 30 June, with the improved result driven principally by the reversal of investment losses, a higher operating surplus and lower mortgage provisions.
Chairman Trevor Janes says the result confirms the progress made by Public Trust, as it works to transform the organisation to become more customer centric and ensure its ongoing financial sustainability.
Fee and commission revenue increased by $3 million or 8.5% year-on-year while operating costs decreased by 3% over the previous period. Fee and commission revenue now comprises 61.8% of total revenue up from 56% last year. Planned changes in the investment risk position within the Common Fund and competition for retail deposits have seen a reduction in income from the Common Fund of $4.4 million or 18.9%.
Mortgage impairments have also reduced materially from the 2008/09 year with significant progress made in improving portfolio quality in a difficult market.
Public Trust says this has been achieved by moving the mortgage portfolio to a lower risk position by focusing on residential lending to customers with whom Public Trust has a broader relationship.
Govt receives 100 Securities Law submissions
Commerce Minister Simon Power says nearly 100 securities law submissions have been received since the June discussion document was released.
He says there are many issues to be looked at including:
"Officials are summarising the submissions and are intending to report to me by the end of the year on this crucial piece of the regulatory jigsaw."
Power says he is also intending to work with agencies to make sure the Government's financial literacy efforts are better co-ordinated and targeted to where they will have the best effect.
"This is one area where we can do much better, and as the Minister leading this approach I hope to make significant progress in this area over the next year or so."
Bancorp to launch Japan New Zealand fund
Bancorp Wealth Management launched the first Japan registered fund last week which specialises in New Zealand investment and which will allow Japanese to specifically invest in New Zealand products and companies.
In conjunction with Bansei Yamamaru Securities (Bansei), the flagship Japan New Zealand Fund aims to grow to NZD$300 million (JPY 20 Billion) within two years.
Craig Brownie, managing director of Bancorp Wealth Management and Bancorp New Zealand, says the company has been working on the fund with Bansei for over two years and so is delighted that it is now open for investment.
"This is a milestone for New Zealand and Japan as it is the only registered fund in Japan with a distinct New Zealand focus. As such Bancorp and Bansei are confident that it will attract a lot of interest from Japanese investors who want exposure to New Zealand but in Yen and with liquidity that is quoted daily in the Nikkei," says Brownie.
In addition, Brownie notes that the Japan Fund will invest in Japanese issued Yen bonds, Japanese listed companies with interests or a bias to New Zealand as well as New Zealand bonds, listed equities and private equity with a bias towards trade with Japan.
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