News round-up

IFA on the CEO hunt shortly; Upcoming Man fund aimed at the long term; Impaired loans improve, bank outlooks gets upgraded: Moody's

Monday, February 1st 2010, 5:00AM

IFA on the CEO hunt shortly
The Institute of Financial Advisers (IFA) will start actively recruiting for a new CEO to replace David Hutton, after its annual strategic planning meeting on 11 and 12 of February.

IFA president Lyn McMorran says January is a notoriously difficult time to recruit or find another job because of the "great Kiwi summer shut down" and the holding of the meeting is an important first step in the recruitment process.

"We are keen to complete this exercise first as it will help us to determine the skills we feel we need to lead IFA forward in the new environment."

The meeting will also determine the institute's business plan for the coming year and how to "significantly improve the value proposition for our members - it is for you that we exist," McMorran says.

Hutton finished in the role at Christmas. Currently the role is being covered by other IFA board members.

Upcoming Man fund aimed at the long term
Man Investments Australia is launching a new fund, called Man OM-IP Eclipse 2010.

The fund's aim is to generate medium to long-term capital growth in both rising and falling markets and will invest in both Asian opportunities and commodity strategies, as well as in the AHL Diversified Program.

The offer period is open from 27 January 2010 until 26 March 2010, with a maturity date of 30 April 2020.

The fund also has a National Australia Bank guarantee.

Impaired loans improve, bank outlooks gets upgraded: Moody's
Ratings agency Moody's Investors Service predicts New Zealand's non-performing loans have peaked and has boosted its outlook on the country's banking sector to stable.

While Moody's sees New Zealand's impaired loans ahave improved, it said it will "closely monitor these levels in coming months as some exposures may become delinquent over time."

Moody's said it's comfortable with New Zealand's improved economic forecasts, and was encouraged by the central bank's announcement in December that it has brought forward the timing of when it will start to remove monetary stimulus to the middle of this year, rather than the second half.

The ratings agency has improved its outlook for 12 nations across Asia as the region's economic prospects pick up amid a stabilising global economy, while access to credit has improved since the global financial crisis in 2008.

« Commission to clarify definition of financial planning service

Sovereign takes regulation bull by the horns »

Special Offers