The ASX-listed MFS has moved to reassure investors in debentures offered by its direct New Zealand subsidiaries and MFS New Zealand that it would continue to fund any shortfall in redemptions.

The New Zealand Investment Trust (NZIT) will offer local investors the opportunity to rollover shares into the Brook Tasman Fund when the UK listed vehicle winds in the next few months.

The Institute of Financial Advisers (IFA) has posted a second successive annual deficit, losing $170,821 in the 12 months to June 30 this year.

Capital + Merchant Finance, which yesterday became the 13th finance company to sink into receivership in less than two years, owed about $70 million to its US-based line of credit supplier Fortress Credit Corporation II, according to a report in the International Herald Tribune.

UPDATED:Despite a significant increase in insurance premium income Fidelity Life has reported a $2 million profit drop over last year, largely as the result of tougher investment markets.

Financial planners are highly influential in the choice of KiwiSaver provider for their clients, according a new survey of Professional Advisors Association (PAA) members.

Tony Hildyard, head of Tower Investments New Zealand, has resigned after a 20-year career with the firm.

Trustees will be obliged to provide publicly available reports on their clients' activities once reforms are initiated, according to Clynton Hardy, chair of the Trustee Corporations Association (TCA).

BT New Zealand will not be included in the planned partial float of the Westpac-owned funds management operation.

Absolute Capital looks likely to miss due interest payments on its NZDX-listed PINs securities.

New regulations for the Securities Legislation Bill should be before Cabinet by November, according to the Ministry of Economic Development (MED).

First New Zealand Capital has just launched a international shares fund that gathers several UK listed investment trusts under a PIE structure.

Under the auspices of its Asset Management subsidiary the St Laurence group has purchased the management contracts for the St John Balanced Property Fund.

Tranzact Financial Services, the ASX-listed entity majority-owned by Grosvenor Financial Services, would have equity stakes in at least 10 New Zealand financial planning firms by the end of the 2008 tax year, according to the group's annual report.

Research house FundSource is about to face a shake-up with its head, Binu Paul, resigning and the operations to relocate to the Wellington headquarters of its parent company the NZX.

In the year to June 30, 2007, the Government Superannuation Fund (GSF) has made pre-tax returns almost 1% higher than in the previous year but on a tax-adjusted basis its surplus was over $100 million less than in the 2006 year.