News Round Up

Confidence has remained consistently high with a net 21% of respondents expecting better returns from investments over the next year, up from 19% last quarter.

ASB Bank Investments’ chief manager, Roger Perry, says Kiwi investor confidence remains positive in stark contrast with flagging confidence in the US, which has taken a blow following a series of corporate accounting scandals.

"A vibrant local economy, including a solid commercial and residential property market, along with the relatively well-performing New Zealand share market, are all likely factors in a bright outlook by Kiwi investors last quarter."

Perry expects investor’s confidence to be dampened somewhat over the remainder of the year, as rising interest rates act to moderate the economy, while any recovery in international equity markets is likely to be slow.

Ipac in Australia is not related to New Zealand research house FundSource (formerly called Ipac Securities). The ties between the two businesses were ended last year.

"This decision (to buy Ipac) is in line with our stated strategy of growing in wealth management through acquisitions of financial advisory businesses," AXA group chief executive Les Owen says.

AXA bought Sterling Grace (which includes the Spicers business) last October.

Ipac in Australia manages about A$4.7 billion for more than 20,000 clients.

Ipac executive chairman Arun Abey the two businesses "share a common vision to grow advisory businesses and focus on clients' needs."

Ipac will retain its advice model and its multi-manager approach to investing.

New name Tuesday
Rothschild Australia Asset Management will unveil its new name on Tuesday.

The company is changing its name after being bought by Westpac earlier this year.

The Commerce Commission has issued warnings about two suspected pyramid schemes: Infinity Concierge NZ Limited and Net Guard.

The commission warns members of the public to be very careful before joining what it considers is likely to be a pyramid scheme run by New Zealand registered company, Infinity Concierge NZ Limited.

"The commission has serious concerns about the legality of this scheme, and we strongly advise people who are considering becoming members of this company not to be pressured into joining and to seek independent legal advice before making any financial commitment." the commission's director of Fair Trading, Deborah Battell says.

It is similarly concerned about a firm called Net Guard (New Zealand) Limited, which it also believes to be a pyramid scheme.

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