News Round Up

Fyfe signals departure from ING, Fidelity profits, Elders goes for short term deposits, ASB has a new look and news on Kiwi Income's management fees and Salvus Investments.

Monday, April 4th 2005, 2:58AM

Big news round up this week starting with ING managing director Paul Fyfe announcing he plans to retire in June next year, after 11 years at the helm of the company.

Fyfe, who has worked in the financial services sector for almost four decades, has reached agreement with the ING board – and key stakeholders – over a retirement date of June 2006.

The advanced date allows time for the recruitment of a replacement to develop and implement the group’s continued growth plans in New Zealand.

Its latest acquisition is likely to be National Bank’s managed funds and insurance business. ING says it is “in the final stages of acquiring the National Bank’s managed funds and insurance assets.”

Having intended to retire in the next few years, Fyfe said he felt it would be in ING’s best interests at this point – while considering the appropriate structure to integrate the National Bank assets into the ING business – to appoint a new managing director to manage the company’s wider focus across the insurance, property and investment disciplines.

Fidelity profits
Fidelity Life has reported a record interim result for the six months ending December 31, 2004, achieving a net surplus after tax of $2.9 million, a 54% increase over the same period last year.

Total assets increased by 17% to $232m during the six months under review, due to strong positive cash flow and favourable market movements since 30 June 2004.

Chief executive Milton Jennings attributes this positive result to a number of factors including strong investment income and healthy margins on risk business.

Elders offers short-term options
Elders has launched its new short-term investment option as flagged in www.depositrates.co.nz recent newsletter.

The new product, Call 123, is offering 7.00% on call and an extra 10 basis points extra interest for each of the next three months. Call 123 is a secured first ranking debenture stock designed to appeal to younger investors and as a starting point for people who haven't invested with finance companies before.

To see the latest www.depositrates.co.nz newsletter click here, and
To sign up for your own copy use this link (The newsletter comes our every fortnight and highlights what is happening in the deposit rates area, plus new investment opportunites).

ASB has a new look
ASB has a new look ASB has launched a new logo and says it is expanding its network. “The changes to our livery are being done in tandem with the expansion of our branch and ATM network as we build on our full service offering, both in terms of products and services and access throughout New Zealand. The focus will be to continue to build on our financial services offering for customers,” ASB’s Hugh Burrett says.

Kiwi reduces fees
Kiwi Income Property reduces management fees for listed trust Kiwi Income Properties says it will reduce the fees it charges for managing Kiwi Income Property Trust (KIPT) [MORE]

Highpoint offer extended
Highpoint extended Macquarie’s Highpoint capital protected share fund has had its closing date moved out to April 22. For more about Highpoint read our Special Report.

Salvus gets second waiver
Salvus granted waiver on still not having enough shareholders Salvus Strategic Investments has not had the mandatory 500 shareholders required for stock exchange listing last year, and now NZX has granted it a second waiver [MORE]

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