News Round Up
Money Managers shake up, First CPIM in New Zealand. Comment: It's not advisers who need regulating.
Monday, February 25th 2008, 6:52AM
Money Managers looks headed for a shake up with founder Doug Somers-Edgar selling out of the group.The Star-Times reports that Somers-Edgar is selling stakes in the financial planning business to Money Managers' chief executive Alasdair Scott, franchisees, and NZ Funds Management owned by long-time Somers-Edgar business associates Gerald Siddall and Russell Tills.
Money Managers' franchisees are telling clients the Money Managers model, involving the marketing of products from related parties, will be watered down, with the firm recommending more products from unrelated companies, the paper says.
Comment: It's not advisers who need regulating
If ever there was a group of "advisers" who needed regulating then it's the ones who sell all this Blue Chip stuff, or what we call packaged property investments. [READ ON]
First CIPM in NZ
New Zealand now has a holder of the Certificate in Investment Performance Measurement.
Jeff Thompson of Arcus Investment Management is the first in New Zealand to pass the exams covering professional ethics, performance measurement and appraisal, and the Global Investment Performance Standards.
The CFA charter and the CIPM certificate are awarded by the CFA Institute based in the United States.
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