Weekly briefs

IAFP decision due soon, Norwich announcement imminent, Public Trust/Sovereign want more.

Monday, February 23rd 1998, 12:00AM

Announcement due...1
Rodger Spiller and Mark Hubber will be telling members of the Association of Investment Advisers and Financial Planners whether they plan to continue as chairman and deputy chairman of the association in the next edition of Financial Planners Press.
It is expected FPP will be published either late this week or early next week.
In the lead-up to the association's special meeting in December Spiller and Hubber threatened to resign if certain resolutions were not passed.
They have continued to hold office since that meeting although those resolutions were defeated.

Announcement due...2
The successful bidder for Norwich Union's fund management and insurance business is expected this week.
The top two contenders in this race are Royal SunAlliance and Guardian Assurance.
Good Returns tips Royal SunAlliance as the likely acquirer.

Public Trust/Sovereign go for bigger bite
Public Trust and Sovereign are aiming for a bigger share of the New Zealand mortgage market.
The two formed a partnership last year to offer flexible mortgage products with no establishment fees and relatively low rates.
Public Trust markets the products through its 49 branch network and Sovereign puts them together through its securitisation programme.
Currently the partnership has less than one per cent market share, and is looking to lift it to more than five per cent.
"We want a bigger share of the market and we are looking to take a large share," Public Trust general manager of retail business Neal Whiteman says.
The partnership is initially offering floating rate mortgages of 10.35 percent, currently beaten only by Southland Building Society and Bank Direct on 10.25 percent, and Ergo on 10.30 percent. Mainstream banks come in at the 10.5 per cent mark.
The partnership is offering one year fixed mortgages at 9.6 percent, two years at 9.5 percent, three year at 9.4 percent and five year at 9.2 percent.

« Regulation on the cards

Get your tax questions answered online »

Special Offers