News round-up

IRG sells FUM Business
Investment Research Group (IRG) is selling its Auckland-based funds management business, the FUM Business, to Macrocarpa Holdings, a subsidiary of The Business Bakery, for $500,000 payable in cash.

Conditions on the sale relate to transfer of the Aegis contract for the FUM Business and transfer of advisers. The conditions must be satisfied before 5pm, June 1, 2009.

Settlement will take place two business days after conditions relating to third party consents have been satisfied.

IRG will be retaining its other Auckland-based advisory business.