Under the plan the 7,200 investors, owed $168 million, will be repaid their principal over three years.

Non-bank lender Wizard Home Loans is closing down its New Zealand operations, while its Australian business is being sold to National Australia Bank.

Russell Investments is making organisational changes to its New Zealand operations following the resignation of its managing director Ed Schuck.

The magnitude of events in the financial markets this year make it unusually difficult to even do a traditional year-end reflection.

There can be no doubting the gravity and profoundness of recent events within the global economy, Andrew Hunt reports.

Richard Thomas has been elected to chair the Share group which is currently expanding its membership. Since May Share has seen its number of advisers grow from 30 to 65 and the group’s annual premium volume is up 68% year-on-year.

Morningstar says that ING’s decision to wind up its Enhanced Yield (EYF) and Credit Opportunities Fund (EYF) “is a disappointing development”.

Often one of the busier periods of the year is in December and 2008 is proving to be just that - busy.

TOWER Health and Life has, today, rolled out the third tranche of changes to its life and trauma policies, designed to make it easier to get customers insured.

Global markets have been savagely mauled but the signs of recovery should be easy to spot. Tower’s Michael Coote goes bear-hunting.

Nearly nine months after ING suspended redemptions in its two big credit funds it is now scrambling to put together a rescue plan, of sorts, and start communicating with investors and advisers about its plans.

ING New Zealand is closing two other credit funds as well as seeking to wind up its bigger Diversified Yield Fund and Regular Income Fund.

Marac has launched its Term Deposit PIE fund, with something a little different.

ING New Zealand says it plans to wind up its two distressed credit funds which owe investor more than $500 million and have been suspended for most of the year.

Direct-selling insurance firm Pinnacle Life has added a serious illness cover policy to its product range, which it says will help its push into the adviser market.

Hanover Finance has succeeded in its restructuring plan with all four resolutions put to a meeting in Auckland being passed.