News Round Up: March 28

Holland offers to go Dutch on adviser relocation costs; IRG announces conditional agreement on share placing; Public Trust announces $0.4 million profit.

Monday, March 28th 2011, 7:39AM

Holland offers to go Dutch on adviser relocation costs
Financial Independence Tauranga managing director Philip Holland has found a way to expand his practice while helping advisers wanting to leave Christchurch - by offering to relocate them to the Bay of Plenty.

He said he would prefer it if advisers were able to stay and make a go of things in Christchurch, but is aware some may wish to leave.

"We're in need of advisers, we're growing, and we'd been approached already by one adviser from Canterbury who wants out and he's about to start with us," Holland said.

"That got us thinking there might be a few in that scenario, and if we can help, at least it gives them an option."

As well as offering to help with relocation and accommodation costs, Holland said they would help advisers get existing work through underwriting at no cost.

IRG announces conditional agreement on share placing
Investment Research Group (IRG) has announced it has entered into a conditional agreement with GA Sego, a New Zealand registered company, to place 51% of the shares on issue following the allotment.

The subscription price is one cent per share, payable in cash, and the shares are to be issued subject to satisfaction of certain conditions, but no later than April 29, 2011.

"This is not expected to change the New Zealand businesses," said IRG managing director Brent King.

"IRG has offices in both Auckland and Tauranga. IRG is a financial advisor and sharebroker and is the owner and publisher of the New Zealand Investor and New Zealand Yearbook."

If the contract becomes unconditional and subsequently settles the parties are expecting a growth in the business due to capital introduced and the growth is expected to be offshore.

Public Trust announces $0.4 million profit
Public Trust's unaudited results for the six months to December 31 have revealed a $0.4 million profit after tax, $0.9 million ahead of budget.

Chief executive Grenville Gaskell said the result reflected closely managed operating expenses and lower mortgage provisions, with fee and commission revenue continuing to grow.

He also backed the regulatory changes in the financial services sector.

"We fully support the steps being taken to improve the quality of advice available to New Zealanders through changes such as the Financial Advisers Act and are actively training employees to comply with reforms."

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