Credit fund annual reports out yesterday tell story of how bad their performance has been.

The debt-ravaged ASX-listed firm Octaviar has entered into a deed of company arrangement (DOCA) after a shareholders approved a proposal put forward by the group's major secured creditor, the US-based Fortress group, last night.

Russell Investments retained a steady client base in New Zealand despite the resignation of the country head, Ed Schuck, and the fact its new managing director would be based in Australia, according to a report on Australian news site Investment and Technology (I&T).

Insurance advisers should wait for clarification from government about their status under the Financial Advisers Act (FAA) before “taking action on anything to do with regulation”, according to Dave McMillan, head of the Professional Advisers Association (PAA).

The National government has pushed through changes to the KiwiSaver scheme that have effectively halved the long-term contribution rate from 8% to 4%.

Former head of investments for the New Zealand Superannuation Fund (NZS), Paul Dyer, has been hired as chief economic adviser to Bill English, deputy PM and Minister of Finance.

KiwiSaver was the only managed fund sector to grow in the three months to September this year, according to new figures published by the Reserve Bank.

New Zealand and Australian holders of Babcock & Brown subordinated notes will miss out on interest payments under a last-minute deal the troubled investment firm struck with bankers yesterday.

Interest rates may have to sink below 4% before investors begin to move out of cash and into more risky products, according to a panel of industry players.

Asteron has bought advisory back-office firm Service 1st for an undisclosed sum with its founder, Mike Maloney, to remain in a senior position with the insurance group.

ING looks likely to close its Credit Opportunities Fund (COF) after worsening global debt markets have seen its unit price drop below 40 cents.

The Institute of Financial Advisers (IFA) has widened its education pathway for new members who have part-completed of a university diploma course to be eligible for general membership status from January next year.

The outgoing Commerce Minister, Lianne Dalziel, has disputed claims that mortgage brokers who sell the Huljich KiwiSaver scheme would not have to become authorised under the Financial Advisers Act.

The FNZ wrap platform, which powers the investment administration for a number of big institutions and advisory firms in New Zealand and the UK, is up for sale.

A Mercer analyst has called on the government to reduce the tax rate on KiwiSaver investments to a maximum of 15%.