News Round Up : February 13

More changes coming at Ginger Group; AFA and MDRT raise money for Chch.

Monday, February 13th 2012, 6:47AM

More changes on horizon for Ginger Group

Hot on the heels of their recent restructure Ginger Group are set to announce further changes – though the adviser group is remaining tight-lipped at the moment.

Distribution general manager Leighton Langley said Ginger was close to “announcing some changes that will be another level of support to our wider membership.”

Langley refused to be drawn further but industry speculation has linked Ginger Group to a tie-in that would provide investment solutions for clients of their registered financial advisers (RFAs).

Recently Ginger had been in talks with Forsyth Barr, confirmed to Good Returns by Forsyth Barr head of private client services Shane Edmond.

“We had some discussions pre-Christmas and since then they have had some internal restructuring,” Edmond said.

He said that while no agreement existed at present, he would not rule out such a deal in future.

“We continue to have discussions with a lot of intermediary groups within New Zealand and Ginger could be one of those parties that we may have further discussions with, but at the moment, they certainly aren’t active.”

More money raised for Chch

The AFA Foundation in Australia has given $A10, 000 to the Christchurch Earthquake Appeal.

AFA foundation chairman, Brian Boggs, who has just returned from Christchurch, said the money was raised by the AFA community in association with the Million Dollar Round Table (MDRT) Pacific Region.

"Christchurch is still a scene of devastation," Boggs said. "The Christchurch Cathedral may have to be taken down entirely and a year on, the city continues to experience up to 10 after-shocks a day."

Boggs said the AFA Foundation hoped to continue to raise funds to support the victims of the Christchurch disaster.

The NZ MDRT last year approached the AFA Foundation to help promote a charity walk on the world famous Queen Charlotte Track in the Marlborough Sounds. The walk aimed to raise $50, 000 for earthquake victims but had to be put on hold following a second wave of earthquakes. The walk is now planned for later this year.

Tower closes Chch mall

The TOWER Property Fund, manager of Merivale Mall in Christchurch, closed part of the mall after receiving advice that part of the shopping centre is earthquake prone and should be cordoned off.

It is unknown at this stage how long the affected area will be cordoned off. The affected area contains 18 shops, two kiosks and all current entrances to the Fresh Choice supermarket.

“The safety of shoppers and staff at Merivale Mall is paramount and we are acting immediately on advice received,” Tower Investments chief executive Sam Stubbs said.

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