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[Weekly Wrap] Fisher buys Tower

The big news this week was Fisher Funds confirming its long-rumoured purchase of Tower's investment business.

Friday, March 1st 2013, 11:39AM

by Niko Kloeten

The deal for $79 million pushes Fisher Funds into the big league in New Zealand's fund management industry, pushing its total funds under management to more than $5 billion and giving it a KiwiSaver pool of about $1.5 billion, about the same as AMP and about half that of the two biggest players, ASB and OnePath.  Fisher Funds, which had its eye on Tower's default status, has well and truly broken through the $1 billion mark at which some other New Zealand fund managers have come unstuck, and the addition of Tower's adviser force will help with its KiwiSaver distribution.  The involvement of TSB, now a Fisher Funds 26% shareholder, shows that the smaller New Zealand-owned banks also see the importance of having a KiwiSaver presence.

Another fund manager that's going places is Milford Asset Management, which took home the Morningstar Fund Manager of the Year award as well as winning the KiwiSaver section.  While the KiwiSaver award has slightly different criteria to the other categories (more focus on customer service), the fact the same managers (Milford, Fisher and OnePath) were nominated for that section and the overall award suggests that getting your KiwiSaver offering right can help your whole business.  Milford is an interesting case because it doesn't pay trail commissions, which is unusual for KiwiSaver and limits its appeal to advisers a bit.

This week also saw the FMA outline its focus for this year.  The regulator is encouraging industry participants to report dodgy behaviour. The FMA also noted that low interest rates are pushing investors into looking for high yields.  Conditions are ripe for opportunists to take advantage of this and it's not surprising the FMA is keeping a close eye on it.

And after a court victory for the government, it looks like the SOE sales will go ahead but advisers aren't jumping for joy.  The economics of providing advice on the SOE floats has been questioned but if people do come in looking for advice it is a chance for advisers to offer their other services.  However, it's quite likely most people buying shares won't even think of talking to an adviser.

There's been a lot of talk lately about what financial advisers need to do to become a profession and according to the New Zealand Financial Advisers Association (NZFAA) this doesn't require having only one professional body.  This is an interesting debate and one example that is often brought up is law, which in New Zealand has two competing (and often feuding) law societies.  With such diverse industries and skill sets involved in the broad term "financial advice" it makes sense to have different associations to represent them.

In other news this week, banks are looking to expand in the financial planning business but don't have enough advisers, while the Ross Asset Management debacle has raised questions over the distinction between wholesale and retail investors.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« Advisers don't expect sell-off bonanzaFund managers call for level playing field »

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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 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 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 - 7.24 6.79 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 7.84 7.39 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 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 7.29 7.32 6.65

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