News round-up

Newpark launches educational pathway: Strategi goes for an institute; Magellan makes changes to funds.

Monday, January 18th 2010, 6:02AM

Newpark Group has launched its ‘Educational pathway' which will lead its members through the regulatory requirements to become authorised by the end of the year.

‘We have broken the known requirements down into manageable pieces and spread them throughout the year to ensure as little disruption to business as possible,' general manager Barry Read says.

"The first step in the pathway is the knowledge based unit standards, for those who haven't completed them already, and this will ensure 30 credits of the National Certificate of Financial Services (Level 5) will be completed by May. "

Newpark are providing the Adviserlink material free for all members and using their own professional development program and study groups to ensure members get choice on how they learn. Some will work on their own; others in groups some will do boot camps or individual mentoring.

"The pathway provides the cheapest and easiest way for independent advisers to gain the National Certificate," Read says.

Strategi sets up an institute
ING aligned Strategi Group is setting up an "Institute" to deliver training courses for the National Certificate in Financial Services (Levels 4 and 5).

The Strategi Institute will be delivering courses in the main centres nexdt month.

Strategi has been approved by the ETITO as a PTE [Private Training Entity].

It is accredited to deliver training in the domains of Banking Functions, Financial Advice, Financial Markets, Financial Services (Administration, Organisational Skills, Professional Practice and Relationship Management), Mortgage Broking and Interpersonal Communications.

The Institute is headed by Sharon Taylor. She says "advisers seem to be reticent to get started because they are concerned they might do the wrong thing, given that there are some unit standards still to be finalised by ETITO. "

She says the majority of unit standards have been finalised.

Magellan makes changes to funds
Australian fund manager Magellan has issued a new product disclosure statement changing the rules around how its funds are put together and its fee structure.

It has doubled the number of stocks its Global and Infrastructure funds can hold from 20 to 40.

It has also removed its contribution fee and changed the way it calculates performance fees.

Performance Fees are no longer 10.10% of total return. Now the manager will be entitled to earn a Performance Fee of 10.10% of each unit's excess return above the higher of the relevant Index Relative and Absolute Return hurdles, subject to the High Water Mark being achieved.

For more information on the changes click here.

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