Weekly Wrap: Tower takes out top award

We have updated the original story on the site with some comments from Tower Investment boss Tony Hildyard about why he thinks they beat ING. Also there is a full list of sector winners and second place-getters on the site.

One of the developments bubbling away out of sight at the moment are changes to the industry. In the finance company sector there is a lot of talk about foreign companies coming in to buy some of the small to medium sized companies in the market.

Also this week we had an update on MFS New Zealand's plans. The company's strategy is to acquire businesses as, it believes, size and diversity in its operations will be the key to success. MFS has already acquired quite a few businesses, and the list, which is in this story, makes quite interesting reading. What's also interesting is that Vestar and some of the other assets are still owned by MFS in Australia.

As advisers know, the past quarter has been a tough one return-wise. AMP Capital gave its regular three-monthly update this week and provides its views on the outlook for the various asset classes.

Yesterday I spent some time at EUFA's meeting in Auckland to discuss the Bridgecorp collapse. Instead of a news story on this there is a Blog here. I understand EUFA are also planning a similar meeting for Christchurch.

Class action against Bridgecorp advisers unlikely Yesterday I spent some time at the EUFA-organised public meeting of people who lost money in Bridgecorp.[more]

It's been a good week for finance companies with no collapses and a good profit announcement for Dominion Finance. Added to that Strategic Finance had its rating reconfirmed this week, which should also help address sagging investor confidence.

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