Weekly briefs

Westpac is today expected to unveil its plans to list shares worth A$650 million on the New Zealand stock exchange, however the issue is not expected until September.
It is understood the shares would effectively be ordinary Westpac shares traded in New Zealand dollars. These shares would closely follow the price of their Australian counterpart, and New Zealand investors will get access to franking credits.
Westpac is planning this move to diversify its shareholder base and rearrange its capital structure.

Minnow takes on whale
Founder and developer of wrap account service provider Ausmaq, John Maconochie, is suing a subsidiary of Bank of New Zealand's parent company, National Australia Bank, for A$21 billion.

Maconochie did a deal with NAB over Ausmaq, and is now claiming damages alleging the bank "plundered" its ideas and ruined the huge business opportunities presented by e-commerce.

The claim is based on estimated 2003 earnings of a well-managed global business.

If successful the claim would potentially force NAB's subsidiary into receivership.

Idoport Pty Ltd is presenting its case to the commercial division of the Equity Court in Australia.

"AMP is uniquely placed to move forward and create a global investment management company from a position of real strength. We have over A$225b in assets under management and over 1800 people around the world," AMP chief executive George Trumbull says.

Roger Yates had been appointed managing director of the new business. Yates was formerly chief invstment officer of Invesco Global. He will also assume the position of managing of Henderson Investors and Ian Buckley, director of asset management, and other members of the senior management team at Henderson Investors will report to him. Present Henderson managing director Dugald Eadie, will take up early retirement. Andrew Mohl, managing director of AMP Asset Management (Australia and NZ) will also report to Yates.