The Government could drop the Approved Professional Body (APB) model in its proposed Financial Advisers legislation, leaving the Securities Commission as the sole licensing organisation.

Westpac has joined AMP/Rabobank in the cash PIE (portfolio investment entity) market with the launch of a new product run by its funds management subsidiary BT.

ANZ has denied claims its financial advisory network mis-sold the two ING credit fund that were frozen last week leaving roughly 8,000 investors unable to access their money.

The New Zealand Mortgage Brokers Association (NZMBA) has not ruled out co-operating with a pan-industry approved professional body (APB), according to the organisation's head, Megan Salt.

ING bowed to the inevitable yesterday by halting redemptions on two of its funds hit harshly by the sub-prime credit crisis, leaving approximately 8,000 investors stranded indefinitely.

The New Zealand Government Superannuation Fund (GSF) has split its approximately $2 billion global equities portfolio between seven fund managers.

The Board of the Guardians of the $13.2 billion New Zealand Superannuation Fund (NZSF) has sacked its chief investment officer, Paul Dyer, as the start of a "restructuring process".

The New Zealand Institute of Chartered Accountants (NZICA) plans to develop its own educational pathways for its members who give financial advice, according to the professional body's acting chair, Keith Wedlock.

The two principals of Walker Funds have left to work for other managers.

Creditors of the almost-defunct Australian hedge fund manager Absolute Capital have agreed to a plan put forward by the firm's voluntary administrator that will wind up most of the group and transfer investment management duties to ABN Amro Australia.

The Investment Savings and Insurance Association (ISI) is pushing ahead with plans to create an Approved Professional Body (APB) for salaried and institutionally-aligned advisers that could capture over 2,000 members.

Absolute Capital appears headed for the final chop when its administrator meets with creditors next week.

Impending regulation has been cited as the driving force behind at least three new advisory groups scheduled to be formed over the next couple of months - with one ING-branded group slated to be the largest in the market by funds under management.

Brook Asset Management has revealed its view on markets - and it's bearish.

At least seven disputes between investors in failed finance companies and their financial advisers have been settled out of court in the last few months, share broker Chris Lee told a gathering of about 50 disgruntled investors in Napier yesterday.

The NZX-owned FundSource has put its finance company research product on hold after a year of turmoil in the sector.