The merger's off

The IIAA has pulled out of merger negotiations with the IAFP.

Tuesday, November 25th 1997, 12:00AM

The proposed merger of New Zealand's two major investment adviser associations is off.
Good Returns understands the Investment and Insurance Advisers Association (IIAA) has formally pulled out of merger discussions with the Association of Investment Advisers and Financial Planners (IAFP).
IIAA members will receive a copy of the association's Adviser magazine later this week outlining the reasons for pulling out of the merger discussions.
Good Returns understands the IIAA board made its decision to withdraw from the discussions last Friday, and has chosen to "go it alone" to create a new association representing advisors.

This decision has been made as the IAFP has tried to renegotiate the terms of the merger which were earlier agreed to by a working party representing both organisations.
The IIAA board are reported to have become "impatient" with the IAFP, and "dismayed" that the IAFP are taking this tack.
The IIAA is still committed to creating a new organisation and will work towards establishing such a body based on the constitution, ethics and educational standards the working group earlier agreed on.
Comment from the IAFP on the merger is expected in the next day or so. The association is preparing a newsletter for its members outlining its position, and this is expected to be out later in the week.
Good Returns will provide an update and industry reaction to these latest developments.
Also expected to be in the mail soon is a letter from the group of IAFP members calling for a special meeting of the association explaining their actions.

Merger mayhem
To have your say on the merger go to the editorial page.
Editorial

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