Merceer was selected as one of the six default providers last week.

"Kiwibank has a reputation for great value banking and service delivery, this combined with Mercer’s global expertise and investment and scheme administration capabilities will help the default scheme deliver excellent value,” Mercer boss Tim Jenkins says.

St Laurence launches takeover
St Laurence Property & Finance has launched a takeover offer to investors in two property syndicates, Superstore Properties and St John Balanced Property Fund.

A notice of takeover offer has been provided to the respective companies and the formal offer will be sent to investors on December 21.

The two syndicates have combined property assets valued at more than $67 million, predominantly including bulk retail and office properties in Auckland, Northland, Tauranga, Wellington and Christchurch.

St Laurence Property & Finance is offering $6,230 for each $5,000 parcel of shares and bonds in Superstore Properties, and $5,460 for each $5,000 parcel shares and bonds in St John Balanced Property Fund. The parcels in both syndicates consist of 1,000 shares and a mortgage bond with a face value of $4,000.

Powerbrokers named
Who were the most influential people in the financial services industry this year? The lastest issue of ASSET Magazine, out today, names the year's top powerbrokers.

Also ASSET examines what the Suncorp's takeover of Promina means for the New Zealand businesses, including Asteron.

To arrange for your own copy of the magazine call 0800-345675