News Round Up

Name change 1
Armstrong Jones officially changes its name to ING today. The new name is pronounced eye-en-gee, not ing.

Managing director Paul Fyfe says the change marks a natural evolution for the company in New Zealand.

"Our new name effectively represents a long-standing relationship with our parent, and enables us to capitalise on the strong worldwide name of ING, as well as the financial strength and global expertise it symbolises."

Dutch-based ING is one of the largest investment, banking and insurance groups in the world, with over $1 trillion in assets under management, 100,000 employees and representation in 65 countries.

Fyfe says as part of the brand transition process, a strong visual link to the Armstrong Jones logo will be maintained until the new brand is well established in the market.

The company's web address is www.ingnz.com.

Name change 2
Credit Suisse First Boston's private client division has been sold to a team headed by its managers and advisers. The new business is called First New Zealand Securities.

Early Bird registrations extended
The organisers of the Financial Planners and Insurance Advisers convention have extended the $465 early bird registration package to March 15, despite registrations being seven times more than at the same time last year.

FPIA Convention co-convenor Paul O'Brien says that currently there are about 250 registrations for the conference.

Sponsors to date are:
Platinum: AMP Financial Services, BT Funds Management
Gold: AXA, ING, Sovereign, Tower, Royal & SunAlliance
Bronze: Challenger, Macquarie, JBWere, Fidelity Life, Grosvenor, Equitable, PlanTech, Goldridge

Perpetual buys advisers
Perpetual Trust has increased its financial planning presence in the Auckland area, with the acquisition of Temm O'Hagan and Associates.

Temm O'Hagan and Associates have been operating in the Auckland area for a number years, and has built up a sound base of financial advisory and risk management clients.

The purchase provides Perpetual with opportunities to provide a wider range of services in the Auckland market and expand its presence in the upper North Island. Elizabeth Temm will be working with Perpetual Trust on a consultancy basis.

AXA profits
AXA's Australian and New Zealand operations produced an operating profit of A$211 million in the 15 months to December 31.

The biggest contributor to the profit was health that accounted for A$106 million, followed by funds management at A$72 million.

Investment earnings, while down on the previous period, added another A$63 million to the after tax profit.

The main features for the period were the acquisition of Sterling Grace (Spicers, Assure, Arcus and Monitor Money), that signals AXA's intention of pusher further into the independent advisory market.

The launch of mezzanine, Australian domiciled funds, and an improvement in its income protection book.

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