Hi

This week has seen quite a few winners and also some who haven't fared that well. In the winners circle we have the Morningstar Fund Manager of the Year Awards and Good Returns can bring you exclusively the winners in last night's PAA Adviser of the Year Awards.

The adviser awards covered the insurance and mortgage broking sectors with the top awards being won by the wife of a Kiwi rugby league great. You can read the full list of winners in Insurance News.

Earlier in the week Good Returns covered the Morningstar Fund Manager of the Year awards which were pretty much cleaned up by AMP and AMP Capital. For the news story about the winners go here, to see all the winners and finalists use this link.

Some firms weren't so lucky this week, notably Brook which lost its domestic equities mandate with the NZ Super Fund. One thing which intrigues me about this is that when Fisher Funds lost its mandate there was plenty of comment and discussion, yet the Brook story is left alone by the media. What is also worth pondering is what the Super Fund is going to do. It seems as though it is building up its own funds management capacity, which is something it originally said it wouldn't do.

While on the Super Fund we report on a new appointment this week and also its chief executive, Adrian Orr, has written a piece in response to an article run in the Herald over the weekend.

Another big story brought to you by Good Returns is that AXA has finally done the deal it has worked on for ages and acquired the Gould Wealth Management business (formerly Vestar and Northplan) and will merge it into Spicers.

We have commented previously about the financial state of the key adviser organisations and are, this week, happy to bring you the IFA's latest numbers, which are much healthier than last year.

TakING two: How's Plan B stack up? OK it's time to give a view on the latest proposal from ING for investors in its distressed CDO funds DYF and RIF. A funny thing happened on the morning of the announcement. No one knew anything was going to be announced last Wednesday, including I hear people within ING itself. [more]

The main insurance news stories at the moment revolve around AIG and GST.

With AIG we report this week that the parent company of the local operation (AIA in Hong Kong) is going to be separated from its US parent and sold. While the only information available is the press release, it appears to be a good move for the local operation, as it gets it away from the loss-making US company.

It seems that the Asia Pacific business is a strong operation.

This week Good Returns also provides you with more information about IRD's approach to dealing with advisers over GST.

Next week you will hear plenty about interest rates. We preview what the Reserve Bank is likely to do at its OCR announcement on Thursday and have a number of other stories in the Mortgage Centre on what is happening in the market.

Have a great weekend.
Philip

www.goodreturns.co.nz

Request for expressions of interest in becoming an Independent Director of the Institute of Financial Advisers IFA is seeking to appoint a new independent director for a two-year term commencing 1 July 2009. There is provision for reappointment for a second two-year term, but four years is the maximum so there is regular rotation. The application form can be downloaded here. For further information please contact Lyn McMorran, President Institute of Financial Advisers on email: lyn_mcmorran@westpac.co.nz