News Round Up

New name and boss for AIA, KiwiSaver a massive opportunity for advisers: Cullen. House prices fall again.

Monday, November 12th 2007, 7:26AM

KiwiSaver presents a "massive opportunity" for financial advisers, Finance Minister Michael Cullen says.

In a speech to the FundSource conference on Friday he outlined the areas where advisers can add value to KiwiSaver. He also said forthcoming changes to the scheme will increase the opportunities for advisers.

AIA has a new boss
Insurer AIA has changed its name to AIG and appointed a new chief executive. The company has been rebranded AIG to bring it into line with the brand of its United States-based parent company.

Full details of the new ceo appointment are in People.

House prices down again

QV's October statistics report slowing growth in national property values for the second month in a row.

The latest figures show values grew 12.7% over the past year; an easing from the 13.2% reported in September.

The average sale price for New Zealand residential properties increased slightly to $406,176.

QV spokesperson Blue Hancock says, "The effect of higher interest rates and lessening buyer confidence is now reflected in a general slowdown in market activity and a shift from a sellers market towards a buyers market. Recent market indicators confirm that many people do not believe it is the right time to buy.

To find out what is happening in each of the main urban areas click here.

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