News Round Up: October 10

IFA estalishes new committee; FMA completes first monitoring visits; Nikko AM acquires DBS Asset Management

Monday, October 10th 2011, 5:00AM

A newly established committee within the Institute of Financial Advisers (IFA) has issued a comprehensive set of notes offering advisers guidance on interpreting the changing regulatory and practice environment.

The IFA's decision to establish a Professional Practice Committee comes in the wake of a number of recent changes in the industry, such as the Financial Advisers Act.

IFA president Nigel Tate said members have been asking for guidance on areas such as legislative change for some time.

"Advisers are experiencing a period of significant change in their profession and by issuing guidance notes the IFA aims to help advisers better navigate the ever changing environment," he said.

Four guidance notes have been issued on research, the use of risk profiling, scope of advice and diversification.

FMA completes first monitoring visits

The Financial Markets Authority (FMA) has completed its first round of monitoring visits in the lower North Island.

The regulator said authorised financial advisers (AFAs) "had taken a constructive approach" to the visits and it was in the process of putting together conclusions for each adviser from a review of their Adviser Business Statement (ABS), professional development plan and notes conducted at the visit.

"We'll be providing individual feedback to each adviser as soon as we've completed internal quality assurance checking to ensure we are consistent across advisers," the FMA said.

The regulator said it was also in the process of going back to other advisers who were asked to submit their ABS.

Nikko AM acquires DBS Asset Management

Nikko Asset Management has completed its acquisition of DBS Asset Management, one of the leading investment management firms in southeast Asia.

The deal takes Nikko's assets under management to more than US$165 billion and establishes the firm as the largest regional asset manager headquartered in Asia.

Nikko acquired DBS Asset Management from DBS Bank, which has in turn acquired a 7.25 percent stake in Nikko, forming a strategic alliance between the two companies.

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