Tower has appointed Eric O'Sullivan as Group Chief Financial Officer.

Guardian winds up fund; Northern Trust appointed custodian of NZDMO; PIS tops insurance ladder; Global Credit Notes matures

Tower Health & Life has signed up Christine Laverty as the new national key account manager – corporate alliances, based in Auckland.

Paul Butler, formerly ING chief financial officer, has been named in the newly-created role as the group's director of funds management.

Bernie’s No Longer Ponzing Around
By Peter Lynn

Clearly, the world economy is in a poor state at present and despite our reputation for being less than cheery, even we have been surprised by the extent of the weakness that now afflicts the global economy.

International rating agency Moodys is expecting the speculative-grade default rate to balloon out this year.

Dorchester Pacific has appointed two general managers, who replace the previous management team of six executives.

The news for investors in credit funds hasn’t been good at the start of 2009. NZDX-listed Credit Sails told the exchange earlier this week that it had lost more than 70% of their principal.

For nearly a month there home loan rates have stayed reasonably static with few changes to report – however that is likely to change very soon.

Equitable has closed down its second-tier finance business, Bastion Finance, due to the changing market conditions.

Auckland International Airport has opened a retail bond looking to raise $50 million. The interest rate initially being offered for the full term of the bonds is 7.25%.

One of The Investment Store's business development managers, Chris Smith, is leaving and heading back to the UK.

No doubt a theme of 2009 will be adviser regulation, following the passage the Financial Advisers' Bill into law last year.

TOWER Investments has restructured and relaunched its international bond funds so the benefits of Fair Dividend Rate (FDR) tax rules can be passed on to taxpaying unitholders.

Mercer has elevated Martin Lewington to the role of New Zealand business leader, extending his current role as head of investments to oversee the company’s entire business in New Zealand.