News round-up

IRG sells FUM Business; Plan B settles with Fowler; Wanted: Code Committee members

Monday, May 25th 2009, 5:00AM

IRG sells FUM Business
Investment Research Group (IRG) is selling its Auckland-based funds management business, the FUM Business, to Macrocarpa Holdings, a subsidiary of The Business Bakery, for $500,000 payable in cash.

Conditions on the sale relate to transfer of the Aegis contract for the FUM Business and transfer of advisers. The conditions must be satisfied before 5pm, June 1, 2009.

Settlement will take place two business days after conditions relating to third party consents have been satisfied.

IRG will be retaining its other Auckland-based advisory business.

Plan B settles with Fowler
Plan B, an Australian listed financial advisory group, has reached an out-of-court settlement over a dispute with its former New Zealand business partner Alex Fowler.

Fowler sold his business Strategic Asset Management to Plan B in 2006 and had allegedly contacted former clients, despite signing a non-solicitation agreement.

The two were due to appear in court last week, but Plan B New Zealand chief executive John Atkinson said the case had been settled out of court, on confidential terms.

Wanted: Code Committee members
The newly-appointed Commissioner of Financial Advisers, Annabel Cotton, is advertising for Code Committee members.

The advertisement is looking for between seven and 11 members, in a part-time capacity, with a "significant time commitment required from July to December 2009".

It also says the Code Committee will be required to "periodically review the code of professional conduct for authorised financial advisers".

Expressions of interest must be submitted by Thursday 11 June, 2009.

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