Auckland

A study of hedge funds by KPMG shows that the quality of these investments has been variable and that they have, as yet, been incapable of generating the high double digit returns that investors are led to expect.

Michele Stanton, the financial planner on the Task Force looking at adviser regulation, has sold her business and plans to concentrate on other areas of her expertise.

Not even pre-election jitters could slow the Auckland property market during September. The latest sales figures from leading Auckland real estate firm Barfoot & Thompson show property prices hit a new high last month, topping $469,000 for the first time.

Wellington

Statistics released by QV continue to indicate steady growth in the residential property market, as residential properties increased in value by 14.9% over the year to September, up from 14.7% annual growth to August.

The big news this week was the big boy’s replacement at ING. As we all know Paul Fyfe is hanging up his hat next year as the head of ING in New Zealand. The company has been looking for his replacement and appointed a guy out of ING in the United States to fill the role.

Personal finance retailer Instant Finance NZ Limited (IFNZ) has had its B3 investment grade rating reconfirmed by global corporate credit rating agency Rapid Ratings.

Election promises may have been a contributing factor in the recent lift in residential property prices and sales, sales Auckland property services management group Crockers.