Dunedin

Christchurch

Fidelity Life has appointed Wendy Gatley as its investment business development manager.

MMG Advisory Partners (formerly Money Managers), which was once the biggest financial advisory firm in New Zealand, is to be no more.

The Banking Ombudsman Scheme has obtained Ministerial approval as a dispute resolution scheme and will soon be expanding to include non-bank deposit-takers that meet its quality criteria.

Perpetual Portfolio Management, the advisory unit of Perpetual Group has appointed two new advisers, Glenn Weston and Neil Termouth.

[BLOG] South Canterbury Finance’s demise, and this may seem odd, was a little bit of a surprise. Sure there were the regular commentary crowd baying for a receivership. They are a bit like the peasants in the old days wanting to see people hung, drawn and quartered, a beheading or simply someone being thrown to the tigers. Well they got their head this time.

Strategic Finance, placed in receivership in March and liquidation in July, has a book value deficit of $195.5 million, according to the first report from the liquidators.

South Canterbury Finance was not as big a favourite among advisers as it had been in the past, though the government’s quick action to pay-out all debt holders will help quell too much uncertainty.